Investing.com -- Nippon Steel is making a last-ditch attempt to win President Joe Biden's approval for its $14.9 billion acquisition of United States Steel Corp (BVMF:USSX34), offering the U.S. government veto power over any cuts to U.S. Steel's production capacity, The Washington Post reported Tuesday, citing a document sent to the White House on Monday.
The Japanese steelmaker's proposal aims to address concerns raised by the Committee on Foreign Investment in the United States (CFIUS).
Last week, CFIUS warned that Nippon Steel's takeover could lead to a decline in domestic steel output, potentially posing "risks to the national security of the United States."
United States Steel Corp ended the day up more than 9%.