US President Donald Trump on Monday directed a powerful US national security panel to take a fresh look at Nippon Steel’s bid for US Steel to help determine if “further action” is appropriate, raising hopes for an elusive green light for the deal.
“I direct the Committee on Foreign Investment in the United States … to conduct a review of the acquisition of US Steel by [Nippon Steel] to assist me in determining whether further action in this matter may be appropriate,” the memo reads.
US Steel and Nippon Steel did not immediately respond to requests for comment.
Following the block, the two companies sued CFIUS, which scrutinises foreign investments for national security risks, alleging that Biden prejudiced the committee’s decision and violated the companies’ right to a fair review.
They claimed that Biden did so to win the favour of the United Steelworkers union in the swing state of Pennsylvania, where US Steel is headquartered, to improve his chances of re-election.
