Biden to decide fate of Nippon Steel's $15B bid for U.S. Steel

Biden has opposed the takeover and believes U.S. Steel should be domestically owned and operated

By Natalie Chandler

Money Editor

Published December 24, 2024 11:10AM (EST)

Signage on the exterior of a blast furnace building during a media tour by Japanese company Nippon Steel at their East Nippon Works Kashima Area facility in Kashima, Ibaraki prefecture, north of Tokyo on December 6, 2024. (RICHARD A. BROOKS/AFP via Getty Images)
Signage on the exterior of a blast furnace building during a media tour by Japanese company Nippon Steel at their East Nippon Works Kashima Area facility in Kashima, Ibaraki prefecture, north of Tokyo on December 6, 2024. (RICHARD A. BROOKS/AFP via Getty Images)

Nippon Steel’s $15 billion bid to buy U.S. Steel has been referred to President Joe Biden after a government panel could not decide whether it should go forward. 

The Committee on Foreign Investment in the U.S. deadlocked on a decision. The panel has said allowing the Japanese to take over Pittsburgh-based U.S. Steel could result in lower domestic steel production, representing “a national security risk," according to the Washington Post.

Nippon Steel said it has addressed the concerns and made key commitments to grow U.S. Steel and protect American Jobs, the Wall Street Journal reported.

Biden has opposed the takeover and believes U.S. Steel should be owned and operated in the U.S., CNBC reportedPresident-elect Donald Trump also has rejected its sale to a foreign company, per CNBC.

If Biden takes no action in the next two weeks, the merger would get an unexpected greenlight, CNBC reported.

If the deal collapses, Nippon Steel must pay a $565 million penalty to U.S. Steel and has said it would consider pursuing legal action against the U.S. government, per CNBC.

The transaction comes as domestic steel demand is growing in the U.S. Prices have soared globally as production capacity has fallen short of need. 


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