The Japanese steelmaker said Tuesday that it had been informed of the matter by the Committee on Foreign Investment in the U.S., which reviews foreign investments in the U.S. for national-security risks.Nippon Steel said it is confident that the transaction should be approved if it is fairly evaluated on its merits.Nippon Steel urged the U.S. president to reflect on the steps the company has taken to address national security concerns and the significant commitments it has made to grow U.S. Steel and protect American jobs. The company has pledged to invest $2.7 billion in U.S. Steel's older plants.U.S. Steel also noted the CFIUS's lack of consensus and said the acquisition by the steelmaker, based in one of the U.S.'s closest allies, would enhance U.S. national and economic security and forge an alliance in steel to combat the competitive threat from China."It is our hope that President Biden will do the right thing," U.S. Steel said.While Biden has yet to formally block the takeover, the White House has reiterated his position that U.S. Steel should be domestically owned and operated.President-elect Donald Trump has similarly rejected the Pittsburgh-based company's sale to a foreign company.The announcement of the $14.1 billion deal last December followed months of bidding from several suitors for U.S. Steel, including the company's main rival, ClevelandCliffs.

Steel Deal Sent to Biden

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