Nippon Steel's U.S. Steel Acquisition Plan Referred to Biden for Review

By Kosaku Narioka

Nippon Steel said its plan to acquire United States Steel has been referred to President Biden after a government panel reviewing the plan failed to reach a consensus.

The Japanese steelmaker said Tuesday that it had been informed of the matter by the Committee on Foreign Investment in the United States, which reviews foreign investments in the U.S. for national security risks.

Nippon Steel said that 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.

Write to Kosaku Narioka at kosaku.narioka@wsj.com