In a significant development for the steel industry, President Donald Trump has directed the Committee on Foreign Investment in the United States (CFIUS) to conduct a new 45-day review of Nippon Steel’s proposed $14.9 billion acquisition of U.S. Steel. This move reopens the possibility of the Japanese firm acquiring the iconic American steelmaker, a deal previously blocked by former President Joe Biden in January due to national security concerns. ​

Nippon Steel expressed optimism following the announcement, stating confidence that a thorough, fact-based review would demonstrate the partnership’s potential to bolster American economic and national security. U.S. Steel echoed this sentiment, highlighting the acquisition’s potential to preserve existing jobs, create new employment opportunities, and enhance national security. ​

The proposed acquisition has faced controversy since its inception in December 2023. Both Biden and Trump initially opposed the deal, though in February, Trump indicated support for Nippon making an investment in U.S. Steel rather than a full acquisition. In an effort to address concerns, Nippon offered to invest up to $7 billion in U.S. Steel’s aging infrastructure to facilitate the acquisition. ​

Despite these developments, the United Steelworkers union remains opposed to the deal, citing potential risks to national and economic security, as well as the long-term future of the steel industry and its members’ jobs. ​

As CFIUS undertakes this renewed review, the outcome will be pivotal in determining the future landscape of the American steel industry and the role of foreign investment in its evolution.​