U.S. President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3
A general view of Nippon Steel Corp.'s East Nippon Works Kimitsu Area on Jan. 7, in Kimitsu, Chiba Prefecture, Japan.The Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday.
The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said.
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