President Donald Trump ordered a new review of the proposed acquisition of U.S. Steel by Nippon Steel. The deal was previously blocked by the Biden administration.
“On January 3, 2025, President Biden issued an order prohibiting the acquisition of United States Steel Corporation (U.S. Steel) by Nippon Steel Corporation, Nippon Steel North America, Inc., and 2023 Merger Subsidiary, Inc. (collectively, the Purchasers, and collectively with U.S. Steel, the Parties). In that order, President Biden reserved the right of the President ‘to issue further orders with respect to the Purchasers or U.S. Steel as shall in my judgment be necessary to protect the national security of the United States,” Trump’s memorandum says.
The new review will target “potential national security risks associated with the proposed transaction and providing adequate opportunity to the parties to respond to such concerns.” The Committee on Foreign Investment in the United States (CFIUS) is to provide their recommendations within 45 days.
After the Biden administration blocked the acquisition, U.S. Steel and Nippon Steel sued over the alleged violation of their due process rights.
U.S. Steel President and CEO David Burritt said at the time that Biden’s action was “shameful and corrupt.”
“He gave a political payback to a union boss out of touch with his members while harming our company’s future, our workers, and our national security,” Burritt said, declaring that Biden “insulted Japan, a vital economic and national security ally, and put American competitiveness at risk.”
The former White House administration said of the blocked acquisition: “A strong domestically owned and operated steel industry represents an essential national security priority and is critical for resilient supply chains. That is because steel powers our country: our infrastructure, our auto industry, and our defense industrial base. Without domestic steel production and domestic steel workers, our nation is less strong and less secure.”
