The Biden administration's delay until June provides Nippon Steel and US Steel time to revive their contested $14.9 billion merger, blocked for national security reasons.
Treasury Secretary Janet Yellen confirmed CFIUS conducted a thorough review of the proposed deal, highlighting the administration's serious approach to national security concerns.
US Steel and Nippon Steel have filed a lawsuit claiming bias in CFIUS’s review process, arguing they deserve a fair chance to close the merger.
Biden and Trump opposed Nippon Steel's acquisition of US Steel during the election campaign, emphasizing the political nature of the national security debate over the merger.
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