U.S. Foreign Investment Panel Split On Nippon-U.S. Steel Deal

The US Treasury has informed Japan’s Nippon Steel that the panel reviewing its proposed $14.9 billion purchase of US Steel has yet to reach an agreement on how to address security concerns, The Financial Times reported, Reuters also confirmed the development.

In September, CFIUS informed the two companies that the deal posed national security risks, as it could disrupt the supply of steel essential for critical transportation, construction, and agriculture projects. I Photo: Mayuno Wiki

The Treasury, which leads the Committee on Foreign Investment in the United States (CFIUS), wrote to both companies on Saturday, stating that the nine agencies on the panel were struggling to reach a consensus ahead of the deadline for submitting a recommendation to President Joe Biden.

The report cited several sources familiar with the talks.

CFIUS, a powerful committee tasked with reviewing foreign investments in US firms for national security risks, has until December 22 to decide whether to approve, block, or extend the review timeline for the deal.

The acquisition has faced significant opposition within the United States since it was announced last year. Both Biden and his incoming successor, Donald Trump, have publicly signaled their intent to block the purchase.

In September, CFIUS informed the two companies that the deal posed national security risks, as it could disrupt the supply of steel essential for critical transportation, construction, and agriculture projects, according to a letter seen by Reuters.