The memorandum issued by President Biden on April 7, 2025

addresses the proposed acquisition of the United States Steel Corporation by Nippon Steel Corporation and its subsidiaries. The President’s order prohibits the acquisition due to national security concerns and reserves the right to take further actions as necessary. The Committee on Foreign Investment in the United States (CFIUS) is instructed to conduct a thorough review of the acquisition, identifying any potential risks and recommending measures to mitigate them within 45 days of the order.

CFIUS will perform a de novo, confidential review in accordance with national security procedures and will ensure that the parties involved have an opportunity to respond to any concerns raised during the review process. The final recommendation from CFIUS will include positions from each member agency regarding the adequacy of measures proposed by the parties to address identified risks. The memorandum also clarifies that it does not create any legal rights or benefits enforceable against the United States or its agencies.

This action reflects the administration’s commitment to safeguarding national security in transactions involving critical infrastructure and industries. By blocking the acquisition, the administration signals its vigilance in assessing foreign investments that may pose risks to the United States. The outcome of the CFIUS review will determine whether any further actions will be taken regarding the proposed acquisition.

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