A water tower at U.S. Steel’s Edgar Thomson Works steel plant in Braddock, Pennsylvania, on September 4, 2024.
Justin Merriman | Bloomberg | Getty Images
Japanese Nippon Steel Proposal gives the U.S. government veto power over any potential cuts United States Steel CorporationThis is part of its efforts to win approval from President Joe Biden to acquire the U.S. steelmaker, a person familiar with the matter said on Tuesday.
Last week, the Committee on Foreign Investment in the United States presented Biden with a decision to approve or block the deal.
Biden will leave office on January 20 and must make a decision on the deal by January 7.
“We have received the CFIUS assessment and the president will review it,” a White House spokesman said Tuesday.
The Washington Post reported earlier that Nippon Steel pledged in its proposal not to cut production capacity at U.S. Steel’s domestic steel plants for a decade unless approved by a review panel led by the Treasury Department.
The Washington Post reported that U.S. Steel shares closed up 9.5% on Tuesday.
U.S. Steel and Nippon Steel did not immediately respond to Reuters’ requests for comment.
