Trade Cases

CFIUS completes Nippon/USS review, but outcome unknown: Report

Written by Ethan Bernard

May 22, 2025

The Committee on Foreign Investment in the United States (CFIUS) has submitted its decision to President Trump on Nippon Steel’s proposed buy of Pittsburgh-based U.S. Steel, according to a report in Reuters.

However, the contents of the review are as yet unknown, the article stated.

The president will have 15 days to decide the outcome of the deal, although the report pointed out that timeline could be pushed out.

Recall that Trump ordered another CFIUS review last month after the first one resulted in a split decision in December. Then-President Biden subsequently blocked the deal.

Trump has signaled that he is against foreign ownership of U.S. Steel, but Nippon has recently sweetened the deal.

Requests for comment from the US Treasury Department, USS, and Nippon were not returned by time of publication.

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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