Exciting news has emerged regarding the potential takeover of U.S. Steel by Japan’s Nippon Steel, as White House officials have hinted at a delay in making a decision, reported by the Washington Post on Friday.
While the Committee on Foreign Investment in the United States, Nippon Steel, and U.S. Steel have all chosen to remain silent on the matter, President Biden has yet to respond to requests for comments from Reuters.
In response to rumors that the deal could be blocked, Nippon Steel and U.S. Steel penned a letter to President Biden over the weekend, as shared by a spokesperson for the Japanese steel giant with Reuters.
Although President Biden has expressed opposition to the merger, no formal decision to block it has been announced. Internal discussions within the administration have hit a roadblock, prolonging the decision-making process.
Despite pushback from various stakeholders, including Biden, former President Trump, Vice President Harris, and the United Steel Workers union, Japan’s largest steelmaker is determined to proceed with a cash acquisition of the historic U.S. Steel. A national security review is currently underway.