President Trump’s executive order prohibits the acquisition of United States Steel Corporation by Nippon Steel Corporation, Nippon Steel North America Inc., and 2023 Merger Subsidiary Inc. The review will be conducted de novo to identify potential national security risks associated with the proposed transaction and provide adequate opportunity for parties to respond to such concerns. CFIUS’s recommendation regarding mitigation measures is required within 45 days of the date of the memorandum.
The order does not impair or affect any existing authority granted by law to an executive department, agency, or the head thereof nor does it affect the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals. The memorandum is not intended to create any right or benefit enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
Read the full text of the order at the whitehouse.gov website.