WASHINGTON — 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 U.S. Steel. The companies made the announcement over the weekend. President Joe Biden blocked Nippon Steel’s planned acquisition of U.S. Steel on national security grounds on Jan. 3, and his Treasury Secretary Janet Yellen said this week that the proposed deal had received a “thorough analysis” by interagency review body, the Committee on Foreign Investment in the United States. The delay will give the courts time to review a legal challenge brought by the parties earlier this month against Biden’s order. The parties previously had 30 days to unwind their transaction. In a joint statement the companies said; “We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction.” “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders,” they said. U.S. Steel and Nippon Steel alleged in a lawsuit that the CFIUS review was prejudiced by Biden’s longstanding opposition to the deal, denying them of a right to a fair review. They asked a federal appeals court to overturn Biden’s decision to allow them a fresh review to secure another shot at closing the merger.