07:42 AM EST, 12/24/2024 (MT Newswires) -- (Updates attribution to US Steel and includes US Steel's remarks in the fourth paragraph.)

United States Steel's ( X ) proposed acquisition by Japan's Nippon Steel has been referred to US President Joe Biden for a decision after a government committee failed to agree on whether to approve the deal, US Steel said in a statement late Monday.

Nippon said Tuesday that its proposed takeover of the American industrial giant said that it remains confident the transaction will be approved if it is judged fairly, the Wall Street Journal reported.

Nippon Steel asked Biden to consider steps it is proposing to address US concerns, including matters of national security and employment, WSJ reported.

US Steel said Japan is one of America's closest allies. "The President now has 15 days to act," the company said. "The transaction between U. S. Steel and Nippon Steel enhances U.S. national and economic security through investment in manufacturing and innovation - by a company based in one of the United States' closest allies - and forges an alliance in steel to combat the competitive threat from China."

Both Biden and President-elect Donald Trump have voiced opposition to the steelmaker's sale to a foreign entity.

Nippon did not immediately reply to MT Newswires' request for comment.

In a Dec. 17 letter to the Committee on Foreign Investment in the United States, or CFIUS, Nippon Steel alleged the White House had "impermissible undue influence" over CIFUS' national security review of its $14.9 billion bid and threatened legal action if the deal is blocked.

US Steel shares were down more than 2% in Tuesday's premarket activity. Nippon Steel's Tokyo-traded shares were up less than 1% at Tuesday's close.