U.S. President Joe Biden attends a briefing on the federal response to the wildfires across Los Angeles, in the Oval Office at the White House in Washington, U.S., Jan. 10, 2025.
Elizabeth Frantz | Reuters
The Biden administration delayed until June an order for Nippon Steel to abandon its $14.9 billion bid for U.S. Steel, the companies said on Saturday, giving them some time to revive the politically contentious deal.
President Joe Biden blocked the acquisition on national security grounds on Jan. 3, and Treasury Secretary Janet Yellen said this week the proposed deal had received a “thorough analysis” by the interagency review body, the Committee on Foreign Investment in the United States.
The delay will give the courts time to review a legal challenge the steelmakers brought against Biden’s order. The parties previously had 30 days to unwind their transaction.
“We are pleased that…
