The Biden administration is likely to delay a final decision on whether to block the sale of U.S. Steel to Nippon Steel of Japan until after the election, slowing a process that has been caught up in presidential politics, according to people familiar with the matter.
Top Democrats and Republicans, including President Joe Biden, Vice President Kamala Harris and former President Donald Trump, have been in agreement that Nippon’s $15 billion bid to take over U.S. Steel should not move forward and that the company should remain American owned and operated.
However, the prospect that the deal would be blocked before the election drew backlash from business groups and legal experts who feared that political interests were tainting a process that is intended to be focused on national security.
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