Nippon Steel Seeks U.S. Steel Veto

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Nippon Steel

Washington Post

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

Summary

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78% Informative

Nippon Steel offered a 10-year guarantee that it would not reduce production capacity at U.S. Steel’s mills in Pennsylvania , Indiana , Alabama , Texas , California and Arkansas without approval by the Treasury -led review panel.

The Japanese company offered a similar pledge regarding a mostly idle mill in Granite City , Illinois , which would last for two years .

Biden faces a Jan. 7 deadline for a final decision.

Nippon Steel says McCall is trying to leverage his political relationship with Biden to kill the deal.

The steelworkers union also is split over the sale of U.S. Steel .

Union and management are at odds over prospects for the company if the deal collapses.

CFIUS has been unable to reach a consensus on whether those steps would alleviate national security concerns.

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