Investing.com -- Nippon Steel Corporation announced Thursday that it has extended the closing date for its $15 billion acquisition of United States Steel (NYSE:X) Corporation to the first quarter of 2025, revising its earlier estimate of late 2024.
The delay follows a decision by the Committee on Foreign Investment in the United States (CFIUS) to refer the transaction to President Joe Biden for review.
The President has 15 days to decide whether to approve or block the deal. Additionally, the U.S. Department of Justice’s Antitrust Division is still conducting its own review, with no timeline provided for its conclusion.
Nippon Steel expressed confidence in the deal, emphasizing its commitment to preserving and enhancing U.S. Steel’s operations.
"We remain confident that the Acquisition will protect and grow U. S. Steel, creating the best steelmaker with world-leading capabilities for the benefit of American workers and customers," the company stated.
The Japanese steelmaker also highlighted its plans for significant investments in U.S. Steel’s facilities and workforce, aimed at bolstering American steel production and supporting national security, economic stability, and job creation.
The acquisition has faced political opposition, with both President Biden and incoming President Donald Trump signaling reservations about the foreign purchase of the iconic American company.
Despite this, Nippon Steel called for a “fair and fact-based evaluation” of the deal during the ongoing reviews.