TOKYO (Reuters) – Japan's Nippon Steel said on Thursday it extended the deadline for a $15 billion purchase of U.S. Steel, expressing confidence that the purchase would protect and grow the American company.
The estimated closing date was revised to the first quarter of 2025 from the third or fourth quarter of 2024 previously.
On Monday, the US foreign investment committee referred the decision whether to approve or block the deal to US President Joe Biden, who has 15 days to make a decision.
Biden and his potential successor, Donald Trump, have both expressed opposition to the purchase.
“Nippon Steel hopes that the President will use this time to make an accurate and fact-based assessment. We remain confident that the acquisition will protect and grow US Steel,” said Nippon Steel on Thursday.
It added that the US Department of Justice's antitrust review process was also ongoing, without specifying when it would end.