Investing.com – Nippon Steel Corporation announced Thursday that it has extended the deadline for its $15 billion acquisition of United States Steel (NYSE:) to the first quarter of 2025, after revising its previous estimate for late 2024.
The delay comes after the Committee on Foreign Investment in the United States (CFIUS) decided to refer the deal to President Joe Biden for review.
The president has 15 days to decide whether to approve or block the deal. In addition, the US Department of Justice's Antitrust Division is still conducting its own review, with no timeline set for its conclusion.
Nippon Steel expressed its confidence in the deal, stressing its commitment to maintaining and enhancing US Steel's operations.
“We are confident that the acquisition will protect and grow US Steel, creating a best-in-class steelmaker with world-leading capabilities for the benefit of American workers and customers,” the company stated.
The Japanese steelmaker also highlighted its plans for significant investments in US Steel's facilities and workforce, with the aim of boosting US steel production, supporting national security, economic stability and job creation.
The acquisition has faced political opposition, with both President Biden and incoming President Donald Trump expressing reservations about a foreign purchase of the famous American company.
Despite this, Nippon Steel called for a “fair and fact-based evaluation” of the deal during ongoing reviews.
