Nippon Steel Corp. has been granted an extension for the review of its $14.1 billion acquisition bid for United States Steel (U.S. Steel), likely pushing a decision beyond the November U.S. elections. The company can now refile its application with the Committee on Foreign Investment in the U.S. (CFIUS), effectively restarting the review timeline.
U.S. Steel's stock surged by over 3% following the announcement. The acquisition, first proposed in December 2022, has become a focal point of debate in Pennsylvania, with vocal opposition from President Biden, Vice President Harris, and former President Trump.
The deal is aimed at revitalizing U.S. Steel, which has faced persistent under performance and is in need of substantial capital for upgrades.
Tags
STEEL
