Nippon Steel on Thursday delayed the closing date for its proposed $14.9 billion purchase of U.S. Steel, as it waits to learn if President Biden will block the deal on national security grounds. Why it matters: The Japanese steelmaker is trying to play nice with the White House,

Japan's Nippon Steel said on Thursday it has extended the closing date for its $14.9 billion purchase of U.S. Steel as U.S. President Joe Biden weighs whether to block a deal that has faced intense opposition since it was announced.

Nippon Steel on Thursday said it was revising its expectations for the closing of the U.S. Steel deal from the end of 2024 until the first quarter of 2025, citing the reviews that are still ongoing.

Nippon Steel said Thursday it has extended the closing period for its $15 billion purchase of U.S. Steel, expressing confidence that the acquisition will protect and grow the American company. The estimated closing date was revised to the first quarter of 2025 from the third or fourth quarter of 2024 previously.

Nippon Steel's $15 billion bid for U.S. Steel has been referred to U.S. President Joe Biden, a White House spokesman said, giving the president 15 days to decide on a tie up he has previously said he opposes.

Nippon Steel has extended the closing date for its $15 billion acquisition of U.S. Steel (X), as Japan’s biggest steel firm faces opposition from both the current and next president of the U.S.