U.S. Steel Mills' Output Won't Be Reduced for Ten Years, Says Nippon Steel

SEATTLE (Scrap Monster): Japanese steelmaker Nippon Steel has pledged in its most recent proposal to the U.S. administration that it will not reduce the capacity of U.S. steel mills to produce steel for ten years. This is seen as the company's last-ditch attempt to secure clearance for the acquisition of U.S. Steel. According to local media, the suggestion was sent straight to the White House on Monday.

Without the Committee on Foreign Investment in the United States' (CFIUS) approval, the proposal ensures that U.S. Steel's mills in Pennsylvania, Alabama, Arkansas, California, Indiana, and Texas will not experience a reduction in production.

By the way, President Joe Biden is expected to decide on the deal by the beginning of next week. According to rumors, he might conditionally approve the buyout agreement if Nippon Steel commits to upholding American job protection. According to some reports, the Biden administration is, for the first time, considering a different approach to the situation, which would involve giving the final say to the incoming administration of Donald Trump.

Citing national security concerns, Biden and Donald Trump, the incoming president-elect, have both openly expressed their opposition to the agreement.

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