Biden administration delays enforcement of order blocking Nippon Steel and U.S. Steel deal
Washington The firms announced on Saturday that the Biden administration will postpone implementing an executive order this month requiring Nippon Steel to withdraw its $14.9 billion bid for U.S. Steel.
On January 3, President Joe Biden blocked Nippon Steel's planned acquisition of U.S. Steel on national security grounds. This week, his Treasury Secretary Janet Yellen announced that the Committee on Foreign Investment in the United States, an interagency review body, had thoroughly examined the proposed deal.
The postponement will allow the courts to consider a challenge to Biden's decision that was filed by the parties earlier this month. Previously, the parties had 30 days to cancel the deal.
under a joint statement, the corporations expressed their satisfaction that CFIUS had extended...