Nippon Steel extends closing date for stuck US Steel acquisition

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On Monday, a U.S. foreign investment committee referred the decision whether to approve or block the deal to U.S. President Joe Biden, who has 15 days to decide. Biden and his incoming successor, Donald Trump, have both expressed opposition to the purchase. "Nippon Steel hopes that the President will use this time to conduct a fair and fact-based evaluation of the acquisition. It added that the review process of the antitrust division of the U.S. Department of Justice (DOJ) was also underway, without specifying when it may end. Under the terms of the proposed $14.9 billion all-cash deal, U.S. Steel would keep its name and its headquarters in Pittsburgh, where it was founded in 1901 by J.P. Morgan and Andrew Carnegie.

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