The Committee on Foreign Investment in the United States referred Nippon Steel's 14.9 billion dollar bid for U.S. Steel to President Joe Biden on 23 December 2024, after failing to reach a consensus on whether the deal posed a national security risk. The referral gave the president 15 days to decide, and if he took no action the merger would be cleared. Biden had long opposed the tie-up, saying it was vital for U.S. Steel to remain domestically owned and operated. The committee had warned that allowing the takeover could result in lower domestic steel production, a national security risk. If the deal collapsed, Nippon Steel would have to pay a 565 million dollar break fee to U.S. Steel. The companies said they had been informed of the referral and hoped the president would approve a transaction they said would strengthen American national and economic security.
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