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    Market Segment

    September 19, 2024

    Decision on fate of USS/Nippon deal pushed to after elections: Report

    Written by Laura Miller

    The US government’s decision on whether it will block Nippon Steel’s acquisition of U.S. Steel on national security grounds has been pushed until after the November elections.

    That’s according to a Sept. 17 Reuters report citing sources familiar with the matter who preferred to remain anonymous due to the delicacy of the situation.

    Reuters said that the Committee on Foreign Investment in the US (CFIUS) allowed USS and Nippon to refile their application seeking approval for the merger.

    That would reset the 90-day period CFIUS has to review the application and delay its decision on whether the deal poses a threat to national security.

    If the Committee refers the case to President Biden after its review, he will have up to 15 days to decide the deal’s fate.

    Nippon Steel declined to comment on this story. U.S. Steel and CFIUS did not return requests for comment.

    Laura Miller

    Laura Miller is a reporter and editor for Steel Market Update. Since 2007, she has held various editorial and marketing positions with steel industry publications, associations, and mills. In 2021, after a five-year hiatus working across other industries, she returned to steel trade journalism, joining SMU in 2022. She is a member of the Association of Women in the Metal Industries and a past-president of the AWMI Pittsburgh Chapter. She holds a BA in Latin American Studies from Edinboro University of Pennsylvania. She can be reached at laura@steelmarketupdate.com or 724-759-7869.

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