Nippon Steel's Bid for U.S. Steel to Face CFIUS Decision after Nov. 5

Washington, Sept. 17 (Jiji Press)--The U.S. government will refrain from deciding whether to allow Nippon Steel Corp. to buy up United States Steel Corp. until after the Nov. 5 presidential election, according to local media reports Tuesday.

The Committee on Foreign Investment in the United States has allowed the Japanese and U.S. steel giants to reapply for a national security review of their deal on the grounds that the committee needs more time to scrutinize its impact on national security and listen to opinions of people concerned, informed sources were quoted as saying.

The reapplication will push back the review deadline, originally set to fall on Monday, by 90 days.

Nippon Steel declined to comment on the possible reapplication citing confidentiality obligation, while noting it will continue dialogue so the buyout can be completed by the end of the year.

The reports come as U.S. Vice President Kamala Harris and former President Donald Trump are vying for votes in Pennsylvania, a crucial battleground state for the presidential nominees and home to U.S. Steel.

[Copyright The Jiji Press, Ltd.]