Nippon Steel Promises No Cuts To U.S. Steel’s Output For 10 Years

Nippon Steel Corp. has pledged not to reduce production capacity at United States Steel Corp.’s mills for 10 years as part of its proposal to the Biden administration to secure approval for acquiring the struggling U.S. producer, Kyodo News reported.

The Japanese steelmaker submitted its proposal to the White House after a panel of U.S. federal agencies failed to reach a consensus on approving the $14.1 billion deal. I Photo: Has Sen Group

According to The Washington Post, the Japanese steelmaker submitted its proposal to the White House after a panel of U.S. federal agencies failed to reach a consensus on approving the $14.1 billion deal.

The final decision now rests with President Joe Biden.

The Committee on Foreign Investment in the United States (CFIUS), chaired by Treasury Secretary Janet Yellen, informed both steelmakers last week that it could not reach an agreement on the transaction.

CFIUS examines foreign investments in U.S. companies to assess potential national security risks.

Biden, whose term ends on Jan. 20, and President-elect Donald Trump have both expressed opposition to the deal, announced in December 2024 by Japan’s largest steelmaker and its smaller U.S. counterpart.