Investing.com — Nippon Steel Corporation announced on Thursday that it has extended the closing date for its $15 billion acquisition of United States Steel (NYSE:) Corporation to the first quarter of 2025, revising the first which is estimated in late 2024.

The delay follows a decision by the Committee on Foreign Investment in the United States (CFIUS) to refer the transaction to President Joe Biden for review.

The President has 15 days to decide whether to approve or block the deal. In addition, the Antitrust Division of the US Department of Justice is still conducting its own review, with no timeline given for its conclusion.

Nippon Steel expressed confidence in the deal, underscoring its commitment to preserve and enhance US Steel’s operations.

“We remain confident that the Acquisition will protect and grow US Steel, creating a superior steelmaker with world-leading capabilities for the benefit of American workers and customers,” the company said.

The Japanese steelmaker also highlighted its plans for significant investment in US Steel’s facilities and workforce, aimed at strengthening American steel production and supporting national security, economic stability, and job creation. .

The acquisition has faced political opposition, with President Biden and incoming President Donald Trump signaling reservations about foreign purchases of the iconic American company.

Despite this, Nippon Steel called for a “fair and fact-based review” of the deal during ongoing reviews.