In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel’s facilities, reported CBS News on Thursday, citing sources.
The Japanese steelmaker also offered a 10-year guarantee maintaining production levels at mills across six states, subject to Committee on Foreign Investment approval.
Price Action: U.S. Steel shares closed at $32.60 on Thursday, down 4.09%, before recovering 1.38% in after-hours trading, according to data from Benzinga Pro. Nippon Steel shares were seen trading 1.2% higher at JPY 3,182 ($20.23) in Tokyo at the time of writing.
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