US President Donald Trump has ordered the Committee on Foreign Investment in the United States (CFIUS) to conduct a new review of the application submitted by Japanese steel producer Nippon Steel for the acquisition of US Steel, according to a statement released by the White House.
Recommended:
Accordingly, CFIUS will begin a new confidential review to identify potential national security risks in connection with the transaction and provide the parties with an opportunity to respond to such concerns. In addition, it will help Trump determine whether further action is appropriate in this matter.
As previously reported, in the first lawsuit filed by the companies back in January of this year, former US President Joe Biden was accused of ignoring the rule of law in order to please the United Steelworkers Union (USW) and support its political program, as well as influencing CFIUS to promote its political program, which led to a biased process that deprives Nippon Steel and US Steel of their legitimate opportunity for fair consideration.
