Nippon Steel no longer expects to close its acquisition of U.S. Steel in 2024, the Japanese company said in a Dec. 26 statement.
Nippon Steel said it expects the transaction—originally announced in December 2023—to be completed in the first quarter of 2025. That date was revised from the third or fourth quarter of 2024.
The $14.9 billion acquisition is still awaiting numerous regulatory approvals in the United States, according to the statement.
On Dec. 23, President Joe Biden was asked to make a final determination on the deal within 15 days.
The Epoch Times previously reported the Committee on Foreign Investment in the United States (CFIUS) did not reach a conclusion on how the deal would affect U.S. national security, which prompted the referral to Biden….