Steel Mills

Biden extends deadline for unwinding Nippon/USS deal to June

Written by Ethan Bernard

January 12, 2025

The Biden administration has pushed back until June the date for which Nippon Steel must unwind its $14.9-billion dollar deal for Pittsburgh-based U.S. Steel, the company said on Saturday.

Nippon and U.S. Steel initially had only 30 days, or until early February, to unwind the deal. Thanks to an extension from the Committee on Foreign Investment in the US (CFIUS), that deadline is now June 18.

U.S. Steel said it was pleased with the move. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.” 

Recall that the CFIUS review process arrived at a split decision on whether the deal threatened national security. President Biden then became the final arbiter, and subsequently blocked the deal.

Nippon and USS responded with one lawsuit against the US government and another against Cleveland-Cliffs Chairman, President, and CEO Lourenco Goncalves and USW International President David McCall.

Respondents to a recent survey from SMU were broadly in favor of the deal – with 64% against blocking the deal and only 17% in favor of doing so. Nineteen percent said the outcome wouldn’t impact their business.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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