WASHINGTON (Reuters) -U.S. President Joe Biden is likely to announce a decision as soon as Friday on whether he will approve Nippon Steel’s acquisition of US Steel, CBS News reported late on Thursday, citing people familiar with the process.
The Committee on Foreign Investment in the United States (CFIUS) recently referred the decision to approve or block the deal to Biden, who will leave office on January 20.
The White House did not immediately respond to a request for comment Thursday evening. Japan’s Nippon Steel declined to comment.
US Steel said in a statement that the company hopes “Biden will do the right thing and follow the law by approving a transaction that so clearly enhances the national and economic security of the United States.”
In 2023, Nippon closed the deal to buy US Steel at a hefty premium, but the merger has since faced opposition from the powerful United Steelworkers union as well as politicians.
If Biden takes no action, the merger would be automatically approved.
A source familiar with the matter said earlier this week that Nippon Steel proposed giving the US government veto power over any potential cuts to US Steel’s production capacity, as part of its effort to secure Biden’s approval to acquire the American steel company.
Biden has said he wants US Steel to be domestically owned and operated, while President-elect Donald Trump has vowed to block the deal after he takes office in January.