WASHINGTON — A collection of major business groups urged top Biden administration officials Wednesday not to let "political pressure" influence decisions on a proposed acquisition of U.S. Steel by Japanese company Nippon Steel.

They did so in a letter sent to Treasury Secretary Janet Yellen and other members of the Committee on Foreign Investment in the United States, commonly known as CFIUS.

"CFIUS should never become a tool for political posturing and should not morph into industrial policy masquerading as national security," the groups wrote.

The message underscores concern in the business community that presidential politics — especially in swing state Pennsylvania — could torpedo a deal that U.S. Steel believes is essential for its ability to survive and compete in the modern steel industry. High-level Democrats and Republicans alike, however, have opposed the move as they try to win over crucial blue-collar workers ahead of a November general election that could be decided by a few thousand votes in key places.

The United Steelworkers union, notably, has opposed the deal. So have the biggest names in the 2024 fracas: Democratic President Joe Biden, Democratic presidential nominee Kamala Harris and Republican nominee Donald Trump.

CFIUS, which includes the leaders of several cabinet agencies, is responsible for evaluating the national security implications of deals like the U.S. Steel-Nippon Steel proposal. It issues a recommendation to the president, who then has the ability to block deals from moving forward.

The Washington Post recently reported that Biden was preparing to do just that.

Two of the top automotive lobbying groups signed on to the letter, indicating the auto industry's support for the deal. Those groups are the Alliance for Automotive Innovation, the leading voice for major U.S. automakers in Washington, D.C., and Autos Drive America, which represents the U.S. operations of international motor vehicle manufacturers.

Many have speculated that blocking the Nippon Steel deal could result in Cleveland Cliffs, another major American steel business, purchasing U.S. Steel. The Alliance wrote letters to the White House and members of Congress over the past year warning against that.

It said in both letters: "A consolidation of the two companies would also place 65 to 90 percent of steel used in vehicles under the control of a single company."

The Alliance added in the White House letter that such a consolidation could "lead to anti-competitive pricing of materials used by steel-reliant manufacturers like the auto industry, drive up the cost of both steel and e-steel, and ultimately increase the cost of finished vehicles (including EVs) for American consumers."

Other groups who signed the Wednesday letter include the Global Business Alliance, U.S. Chamber of Commerce, National Foreign Trade Council, United States Council for International Business, and Keidanren (Japan Business Federation).

"It is critical that CFIUS remain solely focused on defending U.S. national security while championing economic openness," the groups wrote. "That was the standard set when Congress codified CFIUS in the 1980s. That was the standard reaffirmed when Congress made reforms in the mid-2000s, and that was the standard with which (the Foreign Investment Risk Review Modernization Act of 2018) was passed by Congress."

They added: "(A) critical factor for why the United States is able to attract such a high level of investment from international companies is our country’s commitment to the rule of law and the predictability and stability of our regulatory framework.

"We urge you to maintain this standard and ensure political interference does not diminish America’s investment climate."

The full letter can be found here.

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