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

James Comey to be arraigned on criminal charges that Trump sought
Politics

James Comey to be arraigned on criminal charges that Trump sought

FILE PHOTO: Former FBI Director, James Comey appears before the Senate Intelligence Committee in the Hart Office Building on Thursday June 08, 2017 in Washington, DC. Matt McClain | The Washington Post | Getty Images Former FBI Director James Comey is set to be arraigned Wednesday morning on criminal charges in Virginia that President Donald […]

Read More
U.S. air traffic control staffing hit for second day, delaying flights
Politics

U.S. air traffic control staffing hit for second day, delaying flights

A plane takes off from Hollywood Burbank Airport as operations resume a day after the airport operated for hours without a staffed control tower due to staffing shortages amid the U.S. government shutdown in Burbank, California, U.S., October 7, 2025. Daniel Cole | Reuters Air traffic control staffing issues are delaying flights for a second […]

Read More
Trump suggests not all furloughed workers will get back pay: ‘It depends’
Politics

Trump suggests not all furloughed workers will get back pay: ‘It depends’

U.S. President Donald Trump speaks as he and Canada’s Prime Minister Mark Carney (not pictured) meet in the Oval Office at the White House in Washington, D.C., U.S., Oct. 7, 2025. Evelyn Hockstein | Reuters President Donald Trump suggested Tuesday that some federal workers who have been furloughed during the government shutdown will not receive […]

Read More