(Reuters) – According to a report by the Financial Times on Sunday, the U.S. Treasury has informed Japan’s Nippon Steel that the panel reviewing its proposed $14.9 billion purchase of U.S. Steel has not yet reached an agreement on how to address security concerns.
The Committee on Foreign Investment in the U.S. (CFIUS), led by the Treasury, wrote to both companies on Saturday, stating that the nine agencies on the panel were struggling to come to a consensus before the deadline to submit a recommendation to President Joe Biden.
CFIUS has until Dec. 22 to decide whether to approve, block, or extend the timeline for the deal’s review, as reported by Reuters.
U.S. Steel and CFIUS have not responded to requests for comments on the Financial Times report, while Nippon Steel has declined to comment. The U.S. Treasury has also refrained from commenting.
The acquisition has faced opposition within the U.S. since its announcement last year, with both President Biden and former President Trump indicating their intentions to block the purchase. CFIUS raised concerns in September that the deal could pose national security risks by affecting the supply of steel for critical projects.