Examination of the proposed acquisition of the United States Steel Corporation – The White House

Memorandum for the secretary of the Treasury

The Secretary of State

The Attorney General

The Homeland Security Secretary

The Secretary of Defense

The Secretary of Commerce

The Secretary at Work

The Energy Secretary

The US trade representative

The national intelligence director

The director of the science office

and technological policy

Subject: Examination of proposed American steel

Acquisition of companies

On January 3, 2025, President Biden made a prescription prohibiting the acquisition of United States Steel Corporation (US Steel) by Nippon Steel Corporation, Nippon Steel North America, Inc., and 2023 Merger Fility Fility, Inc. (collectively, buyers and collectively with US Steel, the parties). In this order, President Biden reserved the right of the president “to issue other orders concerning buyers or American steel, it is in my opinion necessary to protect the national security of the United States”.

Section 1. Goodbye. a) In accordance with my authority under article II of the Constitution and the laws of the United States, including article 721 of the 1950 law on defense production (article 721), as amended, 50 USC 4565, I head the Committee of Foreign Investments in the United States (CFIUS) to carry out an examination of the acquisition of the US Steel by buyers by buyers To help me determine if additional action in this case can be appropriate.

(b) The CFIUS examination must be carried out by NOVO, confidentially, and in accordance with the procedures set out for national security examinations under article 721, including, but without limiting itself, the identification of the potential national security risks associated with the proposed transaction and offering an adequate opportunity to the parties to respond to these concerns.

Second. 2. Recommendation. In accordance with the procedures set out in article 721, within 45 days of the date of this memorandum, CFIUS subjects me a recommendation describing whether measures proposed by the parties are sufficient to mitigate the national security risks identified by CFIUS. This recommendation includes a declaration describing the position of each member agency, including the reasons for this position.

Second. 3. General provisions. a) Nothing in this memorandum should be interpreted as altering or otherwise affect:

(i) the authority granted by law to an executive department, an agency or its head; Or

(ii) the functions of the director of the management and budget office relating to budgetary, administrative or legislative proposals.

(b) This memorandum must be implemented in accordance with the applicable law and subject to the availability of credits.

(c) This memorandum is not intended to create a right or an advantage, a noun or a procedure, enforceable in law or equity by any party against the United States, its services, agencies or entities, its officers, employees or agents, or any other person.