Japan's Nippon Steel has proposed giving the U.S. government veto power over any potential cuts to U.S. Steel's production capacity, as part of its efforts to secure President Joe Biden's approval for acquiring the American steelmaker,

Japan's Nippon Steel is aiming to gain U.S. approval for its bid to acquire U.S. Steel by proposing veto power for the U.S. government over production capacity cuts. President Biden must approve the deal by January 7 or it will be automatically permitted.

US Steel (X) shares are rising by as high as 11% after the Japanese-owned Nippon Steel (NPSCY, 5401.T) submitted a new buyout proposal to the Biden administration, according to the Washington Post. After the Committee on Foreign Investment in the US (CFIUS) failed to reach a consensus on the deal,

In a last-ditch effort to gain approval for its acquisition of U.S. Steel, Nippon Steel is offering a 10-year guarantee that it would not reduce production capacity at U.S. Steel’s mills in six states,

(Reuters) -- Japan's Nippon Steel has proposed giving the U.S. government veto power over any potential cuts to U.S. Steel's production capacity, as part of its efforts to secure President Joe Biden's approval for acquiring the American steelmaker, the Washington Post reported on Tuesday.

President Biden has just over a week to decide how he wants to move forward on Nippon Steel's proposed acquisition of U.S. Steel. CBS News White House reporter Willie James Inman has more on that and some of the other big news coming out of the Biden administration.

The Japanese firm offered to give the U.S. government a veto over any reduction in U.S. Steel's production capacity.