Biden Administration Extends Review Period for Nippon Takeover of U.S. Steel
The New York Times
U.S. Steel’s chief, David Burritt, expressed confidence on Tuesday that the sale of the American manufacturer to a Japanese owner would close “on its merits” despite bipartisan backlash.
The Biden administration is granting a request by Japan’s Nippon Steel to resubmit its filing with the Committee on Foreign Investment in the United States for approval to purchase U.S. Steel, people familiar with the matter said on Tuesday.
The decision gives the two steel makers an additional three months to convince the federal government that the transaction does not pose a threat to national security, as argued by both Democrats and Republicans. It also pushes the decision on a transaction that had gotten caught up in election year politics until after the November presidential election.
CFIUS will use the additional time to review the deal so that it can better understand the full national security impact of the transaction, along with how it would impact critical supply chains and to continue talks with both companies, the people familiar with the process said. The committee continues to have serious national security concerns about the takeover, the people said, and is expected to use close to the full 90 days allowed in the extended review period to make its determination.
A White House spokeswoman said that President Biden and Vice President Kamala Harris continue to believe that U.S. Steel should remain American owned and operated.
“The president told our steelworkers he has their backs, and he means it,” said Saloni Sharma, the White House spokeswoman. “There is no so-called ‘delay.’ We have not received any CFIUS recommendation. The CFIUS process was and remains ongoing.”
The move by CFIUS came on the same day that David Burritt, the chief executive of U.S. Steel, offered a forceful defense of the proposed merger, saying the tie-up would strengthen America’s national security. Mr. Burritt also expressed confidence that the federal government would allow the deal to close despite bipartisan calls to block it.
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