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US Steel-Nippon Steel 'de novo' CFIUS review marks further politicization of process

By Curtis Eichelberger and Wesley Brown ( June 11, 2025, 17:09 GMT | Comment) -- Former President Joe Biden and current President Donald Trump both politicized the national security review process in Nippon Steel’s proposed acquisition of US Steel. Biden did it for votes in a national election. Trump did it to cut a deal and squeeze additional capital investment from a Japanese suitor. The Committee on Foreign Investment in the US (CFIUS), which conducts the security review, has taken a hit to its credibility, while setting a precedent for future presidents to use CFIUS as a tool to achieve political gain.The national security review of Nippon Steel’s proposed acquisition of US Steel led then-US President Joe Biden to block the merger in January. Attorneys said the deal presented few national security concerns and was the result of election promises made to save steelworkers’ jobs and gain union votes ahead of the US presidential election....

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