Nippon Steel offers U.S. government veto power in bid for U.S. Steel approval, source tells Reuters

Nippon Steel offers U.S. government veto power in bid for U.S. Steel approval, source tells Reuters


A water tower at the U.S. Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, on Sept. 4, 2024.

Justin Merriman | Bloomberg | Getty Images

Japan’s Nippon Steel has proposed giving the U.S. government veto power over any potential cuts to U.S. Steel‘s production capacity, as part of its efforts to secure President Joe Biden’s approval for acquiring the American steelmaker, a source familiar with the matter said on Tuesday.

Last week, the Committee on Foreign Investment in the United States referred the decision to approve or block the deal to Biden.

Biden, who will leave office on Jan. 20, must decide on the deal by Jan. 7. If he takes no action, it would result in the merger’s automatic approval.

“We received the CFIUS evaluation and the President will review it,” a White House spokesperson said on Tuesday.

The Washington Post reported earlier that in its proposal, Nippon Steel pledged a 10-year commitment not to cut production capacity at U.S. Steel’s domestic mills, unless approved by a Treasury-led review panel.

Shares of U.S. Steel popped on the Washington Post report, closing up 9.5% Tuesday.

U.S. Steel and Nippon Steel did not immediately respond to Reuters’ requests for comment.



Source

Maryland man returns to U.S. to face charges after mistaken deportation to El Salvador
Politics

Maryland man returns to U.S. to face charges after mistaken deportation to El Salvador

U.S. Reps. Nydia Velazquez, D-N.Y., at left, and Juan Vargas, D-Calif., hold pictures of Kilmar Abrego Garcia during a news conference to discuss Abrego Garcia’s arrest and deportation, at the Cannon House Office Building in Washington, April 9, 2025. Alex Wong | Getty Images Maryland resident Kilmar Abrego Garcia was returned to the United States […]

Read More
Trump announces U.S.-China trade talks in London next week
Politics

Trump announces U.S.-China trade talks in London next week

U.S. Secretary of the Treasury Scott Bessent, U.S. Trade Representative Jamieson Greer, Li Chenggang, China’s International Trade Representative and Vice Minister of Commerce and Chinese Vice Premier He Lifeng, prepare to discuss during a bilateral meeting between the U.S. and China, in Geneva, Switzerland, May 11, 2025. Keystone/eda/martial Trezzini | Via Reuters Treasury Secretary Scott […]

Read More
Trump presses Powell for a full-point interest rate cut despite strong jobs report
Politics

Trump presses Powell for a full-point interest rate cut despite strong jobs report

US President Donald Trump during a meeting with Chancellor of Germany Friedrich Merz in the Oval Office of the White House on Thursday June 5, 2025. Demetrius Freeman | The Washington Post | Getty Images President Donald Trump on Friday urged Federal Reserve Chairman Jerome Powell to slash interest rates by a full percentage point, […]

Read More