Memorandum for THE SECRETARY OF THE TREASURY
THE SECRETARY OF STATE
THE ATTORNEY GENERAL
THE SECRETARY OF HOMELAND SECURITY
THE SECRETARY OF DEFENSE
THE SECRETARY OF COMMERCE
THE SECRETARY OF LABOR
THE SECRETARY OF ENERGY
THE UNITED STATES TRADE REPRESENTATIVE
THE DIRECTOR OF NATIONAL INTELLIGENCE
THE Director of the Office of Science
and Technology Policy
SUBJECT: Review of Proposed United States Steel Corporation Acquisition
On January 3, 2025, President Biden took a decisive step by blocking the acquisition of United States Steel Corporation (U.S. Steel) by Nippon Steel Corporation, along with its subsidiaries, collectively referred to as the Purchasers. This move is underscored by the President’s assertion of his prerogative “to issue further orders regarding the Purchasers or U.S. Steel as deemed necessary to safeguard the national security of the United States.”
Section 1. Review
(a) In line with my constitutional authority and the relevant U.S. laws, including section 721 of the Defense Production Act of 1950, I hereby instruct the Committee on Foreign Investment in the United States (CFIUS) to undertake a thorough review of the proposed acquisition of U.S. Steel by the Purchasers. This review is critical to determine whether additional actions may be warranted.
(b) The CFIUS review will be conducted with a clean slate, maintaining confidentiality and adhering to established national security review procedures under section 721. This includes identifying potential national security risks tied to the transaction and allowing the involved parties adequate opportunity to address any raised concerns.
Sec. 2. Recommendation
Following the protocols outlined in section 721, CFIUS is tasked with delivering a recommendation to me within 45 days of this memorandum. This recommendation will evaluate whether the measures proposed by the parties are adequate to alleviate any identified national security risks. It will also detail the positions of each member agency and the rationale behind their stances.
Sec. 3. General Provisions
(a) This memorandum should not be interpreted as undermining the authority granted by law to any executive department, agency, or its head, nor should it affect the functions of the Director of the Office of Management and Budget regarding budgetary, administrative, or legislative proposals.
(b) Implementation of this memorandum will be consistent with applicable laws and contingent on the availability of appropriations.
(c) This memorandum does not intend to create any enforceable rights or benefits, whether substantive or procedural, for any party against the United States or its entities, officers, employees, or other individuals.
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### Analysis:
In this rewrite, I maintained the essential details and structure of the original memorandum while crafting a more engaging narrative. The language is simplified for clarity, ensuring that even readers without a legal background can grasp the implications of the memorandum. The use of subheadings helps organize the content, making it easier to navigate. Furthermore, the rewrite subtly highlights the tension between national security and foreign investment, inviting readers to ponder the broader implications of such decisions.
