USA, Sept 18 (Alliance News): Nippon Steel is expected to refile its application for a national security review by US regulators regarding its $15 billion takeover bid for US Steel, according to sources.
The move buys Japan’s largest steelmaker an additional 90 days to finalize its acquisition of the Pittsburgh-based company, following significant political resistance during a US election year.
The Committee on Foreign Investment in the United States (CFIUS), responsible for reviewing deals of national security concern, has been examining the takeover for months.
Political figures, including President Joe Biden, Republican presidential nominee Donald Trump, and Democratic nominee Vice President Kamala Harris, have all expressed opposition to the deal, alongside Rust Belt Democrats and the United Steelworkers union.
The proposed acquisition has raised concerns over job losses, with US Steel warning of potential layoffs without Nippon’s backing.
