Deadline Extended for Nippon Steel Acquisition

The U.S. government has extended the deadline for Japan's Nippon Steel Corp. to abandon its $14.9 billion acquisition of U.S. Steel until June 18, after President Biden blocked the deal citing national security concerns. Nippon Steel and U.S. Steel have filed a lawsuit claiming Biden's order constitutes 'illegal interference' and are seeking to invalidate it. The extended deadline allows for ongoing litigation, and both companies expressed their intention to complete the transaction, emphasizing its importance for the American steel industry. The Japanese government has criticized the decision, with Foreign Minister Takeshi Iwaya stating it was 'extremely regrettable' and calling for clarity from the U.S. on the rationale behind the block. The situation reflects significant tensions in U.S.-Japan economic relations, particularly as both nations are key foreign investors in each other's markets.