US delays enforcement of order blocking acquisition of steelmaker

The Biden administration will hold off enforcing a requirement laid out in an executive order in January that Nippon Steel abandon its US$14.9 billion (S$20.4 billion) bid for US Steel, the companies said on Jan 11.

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US President Joe Biden blocked Nippon Steel's planned acquisition of US Steel on national security grounds on Jan 3, and his Treasury Secretary Janet Yellen said last week that the proposed deal had received a "thorough analysis" by the inter-agency review body, the Committee on Foreign Investment in the United States (CFIUS).

The delay will give the courts time to review a legal challenge brought by the parties earlier in January against Mr. Biden's order. The parties previously had 30 days to unwind their transaction.