Cfius fails to reach consensus on Nippon Steel's $15 billion bid for U.S. Steel

The U.S. Treasury has informed Nippon Steel that the Committee on Foreign Investment in the U.S. (Cfius) has not reached a consensus on addressing security risks related to its $15 billion bid for U.S. Steel. This increases the likelihood that President Joe Biden will block the deal. While some Cfius agencies, including the Treasury and Pentagon, see no security risks, opposition is led by U.S. Trade Representative Katherine Tai. Biden has previously expressed his opposition, which critics argue politicizes the Cfius process. Japanese officials are concerned about the impact on U.S.-Japan relations, as Biden's stance may be politically motivated to gain union support in Pennsylvania. Nippon Steel's vice-president has been lobbying U.S. officials, but consensus within Cfius remains elusive.