U. S. Steel Statement on CFIUS Referring Decision on Pending Transaction with Nippon Steel to The President
We were notified by CFIUS that the Committee was unable to reach a consensus on the transaction between U. S. Steel and Nippon Steel Corporation and referred it to the President to make a decision. The President now has 15 days to act.聽
The transaction between U. S. Steel and Nippon Steel enhances U.S. national and economic security through investment in manufacturing and innovation 鈥� by a company based in one of the United States鈥� closest allies 鈥� and forges an alliance in steel to combat the competitive threat from China. 聽This is a transaction that should be approved on its merits, and one that should be a model for 鈥渇riendshoring鈥� investment.聽 It is the best way, by far, to ensure that U. S. Steel, including its employees, communities, and customers, will thrive well into the future, and Nippon Steel has made extraordinary commitments, including over $2.7 billion of investments in our USW facilities, that will be in a binding legal agreement enforceable by the U.S. government, to ensure these virtues are realized.聽 It is our hope that President Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances U.S. national and economic security.聽