Biden Administration Delays Decision on U.S. Steel Acquisition

President Biden has expressed opposition to the proposed $15 billion sale of U.S. Steel to Japan's Nippon Steel but has not yet formally blocked the deal. The White House indicated that a decision could be delayed until after the upcoming presidential election, amidst concerns over the political implications of blocking the deal and its impact on national security. The Committee on Foreign Investment in the United States (CFIUS) is reviewing the proposal, with indications that it may recommend blocking the acquisition due to potential risks to the U.S. steel industry. Meanwhile, shares of U.S. Steel have risen following reports that Biden's decision on the matter may not be imminent. Executives from both companies are seeking to negotiate with the government to keep the deal alive. The situation reflects a broader bipartisan agreement among U.S. leaders regarding the importance of maintaining American ownership of critical industries.