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

Nippon Steel’s proposed $14.1 billion acquisition of US Steel moved a step closer to being blocked last week after the US national security panel deadlocked on its review and left the final decision with Biden,

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.

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.

Mayors, including Gary Mayor Eddie Melton, wrote a letter to President Joe Biden that urged his administration not to block Nippon Steel's proposed $14.9 billion acquisition of U.S. Steel.