The Committee on Foreign Investment in the United States (CFIUS) has sent its report on the proposed merger of U.S. Steel and Nippon Steel to President Biden. The committee failed to reach a consensus on the national security implications of the deal, leaving the final decision to Biden, who has previously expressed opposition to the acquisition.
Some federal agencies on the panel were reportedly unconvinced that the merger would pose national security risks, while others, including the United Steelworkers union, which has the president's backing, have argued for blocking the deal to protect American jobs and industry. Biden has 15 days to make a final decision on the merger, which would see U.S. Steel become a subsidiary of Nippon Steel and create one of the world's top three steelmakers. The economic implications of the deal are also being considered, with potential investments by Nippon Steel in U.S. mills and upgrades that could help preserve American steel production