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,

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.

US Steel (NYSE:X) +11.8% in Tuesday's trading following a report from The Washington Post that Nippon Steel (OTCPK:NPSCY) (OTCPK:NISTF) has proposed allowing the U.S. government to veto any reduction in US Steel's production capacity,

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,