Nippon Steel has extended the closing date for its acquisition of U.S. Steel as President Joe Biden decides whether to block the deal. The Japanese company changed the date to close the acquisition to the first quarter of 2025, from a previous target of the third or fourth quarter of this year. A committee that oversees foreign acquisitions in the U.S. referred the decision on whether to block the deal to President Joe Biden on Monday, giving him 15 days to decide.
Biden, the United Steelworkers union and some politicians have raised concerns about foreign ownership of the company. Meanwhile, investors hope stocks will close the holiday shortened week strong. While trading has been sparse, the three major U.S. averages have all climbed this week. The Nasdaq has jumped 2.3%. It follows stronger performance for the tech-heavy index throughout the month. The Nasdaq has gained 4.2% so far in December, versus a 0.1% increase for the S&P and 3.5% decline for the Dow
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