US Steel Acquisition Under Review After President Biden Order
President Biden has issued an order to review the proposed acquisition of US Steel Corporation by a group of Japanese companies. The acquisition was prohibited on January 3, 2025, following a Presidential decision.
The review will be conducted by the Committee for Foreign Investment in the United States (CFIUS) and must be done confidentially and consistently with national security review procedures.
President Biden has given CFIUS 45 days to submit a recommendation on whether measures proposed by the parties are sufficient to mitigate identified national security risks.
The review aims to protect US national security, but does not affect other executive authority or budgetary decisions.
Source: https://www.whitehouse.gov/presidential-actions/2025/04/review-of-proposed-united-states-steel-corporation-acquisition