(Bloomberg) -- US President Joe Biden will make a decision as soon as Friday on whether to approve Nippon Steel Corp.’s acquisition of US Steel Corp., CBS reported, citing people familiar with the process.
The president has indicated his opposition to the proposed $14.1 billion acquisition, though the White House has never said outright that he would block the deal. Over recent days, Biden has had extensive discussions with his top advisers on transaction, CBS reported in an article dated Jan. 2.
The Committee on Foreign Investment in the United States last month deadlocked on its review over the purchase and left the final call with Biden. He has until early next week to make a decision.
The deal, first announced in December 2023, became a political concern during the US presidential election campaign after vocal opposition from the influential United Steelworkers union. Nippon Steel has since offered concessions to win approval, including giving the US government an effective veto over any reduction in US Steel’s production capacity, Bloomberg reported earlier this week.
The White House did not immediately reply to a request for comment, while Nippon Steel was not immediately available for comment. US Steel said the transaction would enhance US national and economic security and forge “an alliance in steel to combat the competitive threat from China.”
--With assistance from Hadriana Lowenkron.
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