President Joe Biden is likely to announce a decision as soon as Friday on whether he will approve Nippon Steel's acquisition of U.S. Steel , CBS News reported late Thursday, citing people familiar with the process.
The Committee on Foreign Investment in the United States recently referred the decision to approve or block the deal to Biden, who will leave office on Jan. 20.
The White House did not immediately respond to a request for comment late Thursday. Japan's Nippon Steel declined to comment.
U.S. Steel said in a statement the company hopes "Biden will do the right thing and adhere to the law by approving a transaction that so clearly enhances U.S. national and economic security."
In 2023, Nippon clinched the deal to buy U.S. Steel at a hefty premium, but the merger has since faced opposition from the United Steelworkers union, as well as politicians.
If Biden takes no action, it will result in the merger's automatic approval.
A source familiar with the matter said earlier this week that Nippon Steel proposed giving the U.S. government veto power over any potential cuts to U.S. Steel's production capacity, as part of its effort to secure Biden's approval for acquiring the American steelmaker.
Biden has said he wants U.S. Steel to be domestically owned and operated. President-elect Donald Trump has vowed to block the deal after he takes office.
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