Biden admin delays enforcement of order blocking Nippon Steel, US Steel deal

WASHINGTON (Reuters) – U.S. Steel said in a statement on Saturday that the Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for U.S. Steel.

The parties previously had 30 days to unwind their transaction.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against President Joe Biden’s order.