Japanese buyer sends Biden new U.S. Steel proposal in final bid for support

Nippon Steel proposed giving the U.S. government a veto over any reduction in U.S. Steel’s “production capacity” in a last-ditch bid for President Joe Biden’s approval to acquire the venerable American steelmaker, according to a document sent to the White House on Monday.

The proposal is aimed at mollifying the Committee on Foreign Investment in the United States (CFIUS), which warned last week that Nippon Steel’s $14.9 billion takeover of U.S. Steel could lead to a decline in domestic steel output that would pose “risks to the national security of the United States.”