Nippon Steel’s proposed $15 billion takeover of U.S. Steel has been referred to President Joe Biden for a final decision after a key decision-making body failed to reach a consensus.
The president has 15 days to decide whether to block or approve the deal, which he previously said he opposed. If he takes no action within this time, the merger will move forward.
The referral paves the way for a decision before President-elect Donald Trump takes office.
Trump has also publicly opposed the acquisition since it was announced in December 2023.
The Committee on Foreign Investment in the United States (CFIUS), which reviews foreign investments in the United States for national security risks, was unable to decide on the deal, which prompted the referral to Biden….