The review of Nippon Steel's acquisition of United States Steel Corporation (X.US) will end on September 23rd and may be further delayed or postponed until after the election.

The Committee on Foreign Investment in the United States (CFIUS) is currently reviewing the transaction of Nippon Steel Corporation acquiring United States Steel Corporation for $14.9 billion, and must decide by September 23 whether to recommend the White House to block the transaction. This is the second 90-day review conducted by CFIUS since Nippon Steel announced the acquisition in February 2021. If officials decide to extend the review period, this politically sensitive decision may be postponed until after the November 5 election. This deal has sparked high-profile opposition from political figures including current U.S. President Joe Biden, Democratic Vice President Kamala Harris, and former President Donald Trump. They generally oppose foreign ownership of United States Steel Corporation because the steel produced by the company is a key commodity used in the construction of ships, trains, and infrastructure. White House advisor Saloni Sharma stated that President Biden's position is that United States Steel Corporation must continue to be a company owned and operated domestically in the United States. Headquartered in Pennsylvania, a crucial swing state in presidential elections, United States Steel Corporation's workers union also supports Harris and opposes this deal. As the September 23 deadline approaches, the political factors and uncertainties surrounding the transaction have become the focus. In a letter on August 31, the committee indicated that the deal could jeopardize the security of United States Steel Corporation's supply, but both companies rebutted in a 100-page letter, claiming that the agreement would increase the output of United States Steel Corporation and requested an extension to address concerns. CFIUS and Nippon Steel declined to comment, and United States Steel Corporation did not respond to requests for comment. According to senior government officials, a decision is not expected to be made in the coming days. Furthermore, reports suggest that the decision may be delayed until after the election. Both companies hope that recent support for the deal can turn the tide, including a letter from business groups expressing concerns about the political pressure affecting the deal. CFIUS's strict reviews typically take 90 days, but companies often withdraw applications and resubmit them to have more time to address the committee's concerns, resetting the 90-day review period. Nippon Steel and United States Steel Corporation submitted their review application in March, and CFIUS allowed them to resubmit in June, starting the second 90-day review period with a deadline of September 23. Previously, executives from Nippon Steel met with the CEO of United States Steel Corporation on Wednesday to salvage the $14.9 billion acquisition plan. In response, the United States Steel Corporation Workers Union submitted a memo on Thursday to "stakeholders," including the White House, stating that they will not succumb to coercion and will resist Nippon Steel's final efforts to acquire United States Steel Corporation. The union also stated that the near $15 billion acquisition is a "doomed deal" and pledged to oppose any foreign ownership of the company. Union President Dave McCall expressed in the memo that union members and retirees continue to strongly oppose the deal.