Nippon Steel Corp. forwarded a new proposal for the acquisition of United States Steel Corporation to the Biden administration, the Washington Post reported on Tuesday citing a document sent to the White House.
According to the document, the US government would have the power to veto any trimming of the US Steel's "production capacity." The latest bid comes after the Committee on Foreign Investment in the United States (CFIUS) raised concerns that the deal could lead to a fall in domestic output, potentially putting US national security under threat.
Two senior administration officials told the news outlet that Biden has been against the takeover for months now, and has stated this opinion publically. On the other hand, his advisors have been in favor of the agreement.
