Biden Administration to Probe Steel Deal Caught in 2024 Crosswinds

The Biden administration is preparing to dig into the deal to sell United States Steel to a Japanese company, with the fate of the faded industrial icon pushed into an election-year debate over how to rebuild American manufacturing might. 

Lawyers for U.S. Steel and Nippon Steel have consulted several times with Treasury Department officials, beginning the morning the transaction was announced last month, people familiar with the matter said. The phone and email exchanges have focused on the process for filing with the Committee on Foreign Investment in the U.S., a Treasury-led interagency panel that has the power to recommend the president block deals if they pose a national security threat, the people said.