U.S. Security Panel Submitted View on U.S. Steel-Nippon Steel Deal
Trump will now have 15 days to take a final decision on the proposed transaction, although there could be change in timeline.
SEATTLE (Scrap Monster): According to reports, a U.S. security panel has expressed its opinion over the Japanese steelmaker Nippon Steel's proposed acquisition of the Pittsburgh-based United Steel Corporation (U.S. Steel). President Donald Trump has received the remarks from the Committee on Foreign Investment in the United States (CFIUS). The contents, however, are still unknown.
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Although the timing may vary, Trump will now have 15 days to make a final judgment over the planned purchase.
The deal had been prohibited on national security concerns during a prior review of the agreement conducted by CFIUS under President Joe Biden. The businesses, however, had contested the opinion, arguing that they were not given a fair review procedure. The Biden administration denied the corporations' argument.
President Trump signed an executive order last month directing CFIUS to investigate whether any new actions made by the firms address the previously identified national security threats when the issue resurfaced following the change of administration.
The Japanese steelmaker had earlier this week stated that, should the Trump administration approve the purchase, it will invest up to $14 billion in U.S. Steel activities, including up to $4 billion in the establishment of a new mill.