US foreign investment panel split on Nippon-US Steel deal

NEW YORK, Dec 15 (Reuters): The US Treasury has informed Japan's Nippon Steel that the panel reviewing its proposed $14.9 billion purchase of US Steel has not yet come to an agreement on how to address security concerns, the Financial Times reported on Sunday.

Treasury, which leads the Committee on Foreign Investment in the US (CFIUS), wrote to both companies on Saturday saying the nine agencies on the panel were struggling to reach a consensus ahead of the deadline to submit a recommendation to President Joe Biden, the report added, citing several sources familiar with the talks.

CFIUS, a powerful committee charged with reviewing foreign investments in US firms for national security risks, has until Dec. 22 to make a decision on whether to approve, block or extend the timeline for the deal's review, Reuters has reported. US Steel and CFIUS did not immediately respond to Reuters' requests for comments on the Financial Times report, while Nippon Steel declined to comment.

The acquisition has faced opposition within the US since it was announced last year.