WASHINGTON: US Steel said in a statement on Saturday that the Biden administration will hold off enforcing a requirement laid out in an executive order this month that Nippon Steel abandon its $14.9 billion bid for US Steel.

Nippon Steel shares down after US government blocks U.S. Steel purchase

The parties previously had 30 days to unwind their transaction.

The delay will give the courts time to review a legal challenge brought by the parties earlier this month against President Joe Biden’s order.