Trump Orders Fresh Review of Nippon Steel’s Bid to Acquire US Steel

Trump has directed a new national security review of the $14.9 billion acquisition halted by Biden, signaling a possible shift in the U.S. stance on the deal.

A portion of U.S. Steel's Edgar Thomson Works in Braddock, Pa., on April 28, 2024. AP Photo/Gene J. Puskar

President Donald Trump on April 7 ordered a new review of the proposed $14.9 billion acquisition of U.S. Steel by Japan’s Nippon Steel, months after the deal was blocked by his predecessor over national security concerns.

In a presidential memorandum issued on April 7, Trump directed the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of the transaction. The memorandum instructs the committee to evaluate the deal’s potential national security risks and to provide the president with recommendations within 45 days.