The US government has allowed Nippon Steel to refile their $15b takeover bid of US Steel. It means that the Japanese company will have 90 more days to argue their case, a move which will likely delay the decision until after the upcoming election.
The deal was being reviewed by the Committee on Foreign Investment in the US (CFIU), which analyses the security risks posed by investment deals. The panel completed its review and found that the deal did pose security risks, but it had not yet presented its recommendation to Biden.
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Earlier this month, Nippon Steel sent a letter to Biden in an attempt to salvage the deal. It has faced opposition from Biden, Trump and Harris. It also faces staunch opposition from the United Steelworkers Union, which is based in the electorally significant state of Pennsylvania.
What the extension might mean is up for debate. The deal still faces widespread opposition. If Harris or Trump won the presidency and reversed their stance, it would be met with significant backlash.
