Nippon Steel's US Steel bid referred to President Biden for final decision

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Nippon Steel's US Steel bid referred to President Biden for final decision - Business Standard

Quick Summary:

The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments in the US for national security risks, referred the bid to Biden after it was unable to reach a consensus."We received the CFIUS evaluation and the President will review it," White House spokesperson said.

Nippon Steel and US Steel have previously said they planned to close the deal before the end of 2024.

Nippon Steel said it could eliminate that risk by appointing US citizens to top management and board of director positions at US Steel, but the committee was divided in its view of whether those remedies would be sufficient, said the newspaper.