Executives and Officials Meet to Rescue Nippon Steel's $14.9 Billion Bid for U.S. Steel

Top executives from Nippon Steel and U.S. Steel are meeting with senior U.S. officials to save Nippon's $14.9 billion bid for U.S. Steel. The Treasury Department, leading the CFIUS investigation, and business groups are voicing concerns about national security and political pressure influencing the review.

A high-stakes meeting took place on Wednesday involving top executives from Nippon Steel and U.S. Steel, along with senior U.S. officials, aimed at salvaging Nippon's $14.9 billion bid for U.S. Steel.

Included in the meeting were Nippon's key negotiator Takahiro Mori, U.S. Steel CEO David Burritt, Treasury Deputy Secretary Wally Adeyemo, and Commerce Deputy Secretary Don Graves, according to a reliable source who did not wish to be identified.

The Treasury Department, which heads the Committee on Foreign Investment in the United States (CFIUS), along with Nippon Steel and U.S. Steel, has declined to comment. Concerns have been raised by U.S. business groups in a letter to Treasury Secretary Janet Yellen, arguing that political influences may be affecting the national security review conducted by CFIUS.

(With inputs from agencies.)