WASHINGTON, Sept 5 (Reuters) - Nippon Steel ( NISTF )
told U.S. government officials it had proposed adopting a
binding national security agreement to address Biden
administration concerns about its proposed $14.9 billion
acquisition of U.S. Steel, according to a letter seen by
Reuters.
Nippon told the Committee on Foreign Investment in the
United States in a joint letter on Tuesday with U.S. Steel it
would commit to maintaining the American steel company's current
production and would only be able to reduce production capacity
if it was "approved by a majority of the independent U.S.
citizen directors of the U.S. Steel board. U.S. Steel would also
maintain an internal officer-level "trade committee" comprised
of U.S. citizens, Nippon said.
Nippon also disclosed it had hired former U.S. House
majority leader Dick Gephardt to assist in its efforts to reach
an agreement with the United Steelworkers.