On April 7, 2025, President Donald Trump issued a Presidential Memorandum directing the Secretary of the Treasury and others in his administration to conduct a new review of the acquisition of U.S. Steel Corporation by Nippon Steel Corporation “to assist me in determining whether further action in this matter may be appropriate.” Citing former President Joseph Biden’s January 3, 2025 order prohibiting the acquisition, but reserving the right of the President “to issue further orders with respect to the Purchasers or U.S. Steel as shall in my judgment be necessary to protect the national security of the United States,” President Trump directed the Committee on Foreign Investment in the United States (CFIUS) to conduct this de novo review. Within 45 days, CFIUS is to submit a recommendation to the President describing whether any measures proposed by the parties are sufficient to mitigate any national security risks identified by CFIUS.
For additional background on the initial CFIUS review and President Biden’s order blocking this proposed acquisition, see Thompson Hine Update of January 6, 2025.