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Nippon Steel is offering the U.S. government veto authority over production cuts at U.S. Steel mills, as part of its efforts to gain approval for its acquisition of the American steelmaker. President Joe Biden has until Jan. 7 to make a decision on the deal.
Nippon Steel's Proposal to Secure US Steel Acquisition
According to Investing.com, as part of its efforts to obtain President Joe Biden's permission for the acquisition of the American steelmaker, Japan's Nippon Steel has suggested granting the United States government veto power over any prospective reduction to U.S. Steel's production capacity, according to a source familiar with the situation who spoke to the media on Tuesday.
In the previous week, the Committee on Foreign Investment in the United States (CFIUS) delegated to Vice President Biden the responsibility of deciding whether or not to accept the agreement.
Biden Faces Tight Deadline for Decision
By January 7, Biden, who will be leaving office on January 20, must have made a decision regarding the arrangement. In the event that he does not take any action, the merger will be approved without his intervention.
"We received the CFIUS evaluation and the President will review it," a representative for the White House stated on Tuesday.
Nippon Steel Pledges 10-Year Production Stability
According to a report that was published earlier by the Washington Post, Nippon Steel guaranteed in their proposal that it would not reduce production capacity at U.S. Steel's domestic mills for a period of ten years, unless the proposal was approved by a review panel led by the Treasury.
No immediate reply was received from either U.S. Steel or Nippon Steel in response to Reuters' requests for comment.
