• Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock
Stock

Biden administration delays enforcing order blocking Nippon Steel-U.S. Steel deal

by January 13, 2025
written by January 13, 2025

WASHINGTON — The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday.

President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a “thorough analysis” by interagency review body, the Committee on Foreign Investment in the United States.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction.

“We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” the companies said in a joint statement.

“We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said.

U.S. Steel and Nippon Steel alleged in a lawsuit on Monday that the CFIUS review was prejudiced by Biden’s longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden’s decision to allow them a fresh review to secure another shot at closing the merger.

The U.S. Treasury secretary chairs the CFIUS panel, which screens foreign acquisitions of U.S. companies and other investment deals for national security concerns. CFIUS normally decides directly on cases or submits recommendations to the president, but in the U.S. Steel-Nippon Steel case, the panel failed to reach consensus on whether Biden should to approve or reject it, leaving the decision to him.

Both Biden and his successor, President-elect Donald Trump, had voiced opposition to the Japanese company acquiring the American steelmaker as the candidates courted union votes in the November election.

CFIUS has rarely rejected deals involving the Group of Seven closely allied countries, which include Japan.

This post appeared first on NBC NEWS
0 comment
0
FacebookTwitterPinterestEmail

previous post
Federal judge clears way for release of special counsel report on Trump election case
next post
Biden says he’s leaving Trump ‘strong hand to play,’ defends his record on Afghanistan

related articles

JPMorgan marks 1,000th branch opening since 2018 expansion...

August 1, 2025

Apple crushes Wall Street expectations as iPhone sales...

August 1, 2025

Ontario cancels internet deal with Musk’s Starlink as...

July 31, 2025

Trump ends de minimis exemption for global low-cost...

July 31, 2025

Recall warns some Celsius energy drink cans accidentally...

July 31, 2025

Union Pacific to buy Norfolk in $85 billion...

July 29, 2025

Things are getting better at Boeing under CEO...

July 29, 2025

Elon Musk confirms Tesla has signed a $16.5...

July 28, 2025

Palantir joins list of 20 most valuable U.S....

July 26, 2025

FCC greenlights Paramount’s $8 billion merger with entertainment...

July 25, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News, And Articles.


Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest News

  • Mother of missing Marine veteran calls Trump admin a ‘breath of fresh air’ as she continues 12-year search

    January 22, 2025
  • Air Direct Capture – Reducing CO2 from the Atmosphere

    March 20, 2025
  • Schumer calls on FBI to conduct counterintelligence threat assessment on Epstein files

    July 30, 2025
  • Wall Street expects Trump presidency will unlock deal-making

    November 8, 2024
  • Vulnerable House Dem dodges question on VP Harris’ record as ‘border czar’: ‘Don’t know who Kamala Harris is’

    July 24, 2024

Popular Posts

  • 1

    Secret Service admits leaning on ‘state and local partners’ after claim it ignored Trump team’s past requests

    July 21, 2024
  • 2

    Five more House Democrats call on Biden to drop out, third US senator

    July 19, 2024
  • 3

    Elon and Vivek should tackle US funding for this boondoogle organization and score a multimillion dollar win

    December 4, 2024
  • 4

    Forex Profit Calculator: Maximize Your Trading Potential

    July 10, 2024
  • 5

    Biden calls to ‘lower the temperature’ then bashes Trump in NAACP speech

    July 17, 2024

Categories

  • Economy (829)
  • Editor's Pick (5,603)
  • Investing (634)
  • Stock (867)

Latest Posts

  • GOP lawmakers rebuke Elon Musk’s primary threats, say Trump’s legislation ‘something we’ve got to do’

    July 3, 2025
  • Supreme Court Chief Justice Roberts issues warning on ‘judicial independence’ weeks before Trump inauguration

    January 1, 2025
  • Trump pick Emil Bove confirmed as federal judge after furious Democrat walkout, whistleblower complaints

    July 30, 2025

Recent Posts

  • Trump’s ‘wrong-headed’ effort to lower drug costs amounts to price control: expert

    May 13, 2025
  • Hundreds of national security officials, ex-Cabinet members, Gold Star families endorse Trump

    October 4, 2024
  • Agenus stock plummets over 50% as FDA rejects accelerated approval for BOT/BAL cancer therapy

    July 18, 2024

Editor’s Pick

  • Schumer calls on Leland Dudek, acting commissioner of SSA, to resign

    April 15, 2025
  • Pardons, Israel, domestic terrorism and more: Biden’s plans for final days of presidency

    January 7, 2025
  • Successful legal challenges to Biden’s pardons over autopen signature ‘vanishingly low’: Turley

    March 19, 2025
  • About us
  • Contacts
  • Privacy Policy
  • Terms & Conditions

Disclaimer: moneyrisetoday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2025 moneyrisetoday.com | All Rights Reserved

Money Rise Today – Investing and Stock News
  • Economy
  • Editor’s Pick
Money Rise Today – Investing and Stock News
  • Investing
  • Stock