US President Donald Trump has ordered the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of the bid submitted by Japanese steelmaker Nippon Steel to acquire US Steel, according to a statement released by the White House.
Accordingly, CFIUS will begin a fresh and confidential review to identify potential national security risks in relation to the transaction and to provide the opportunity to the parties to respond to such concerns. Also, it will help Trump determine whether further action in this matter is appropriate.
As SteelOrbis reported previously, the first lawsuit filed by the companies back in January this year had accused former US President Joe Biden of ignoring the rule of law to please the United Steelworkers (USW) union and to support his political agenda, and of influencing CFIUS to advance his political agenda, which resulted in a biased process depriving Nippon Steel and US Steel of their rightful opportunity for fair consideration.