US extends deadline on Nippon's bid for US Steel, offering some hope that the deal is not dead
The bid by Japan's Nippon Steel to buy U.S. Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by U.S. Steel — and investors — as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal. Biden nixed the acquisition this month citing a potential threat to national security, though the U.S. Committee on Foreign Investment in the United States, known as CFIUS, failed to reach a consensus on the security issue.