Nippon Steel announced in December last year that it would spend $14.9 billion to acquire U.S. Steel. However, the deal has been strongly opposed in the United States and is still under investigation by the Committee on Foreign Investment in the United States (CFIUS). Earlier media reports said that Biden was ready to veto the deal.

A Nippon Steel spokesman did not disclose the specific details of the letter, only saying that the letter was signed by Nippon Steel CEO Eiji Hashimoto and U.S. Steel CEO David Burritt and other executives. If the acquisition of U.S. Steel is successful, Nippon Steel will be expected to become the world's second-largest steel producer. Although the possibility of a successful merger is getting smaller and smaller, the two companies are still working hard to make the deal happen. The United Steelworkers (USW) opposes Nippon Steel's acquisition deal. They believe that Nippon Steel has neither made enough commitments to ensure that the unionized plants can continue to operate nor promised to abide by the existing contract terms.

Regulatory documents submitted in January this year show that Nippon Steel promised to take all necessary actions to facilitate the merger and acquisition, and if the acquisition fails, it will pay U.S. Steel a "breakup fee" of $565 million. People familiar with the matter said that a senior executive of Nippon Steel and Burritt met with U.S. government officials on Wednesday to try to save the deal. The outcome of the meeting is unclear.
According to media reports, CFIUS sent letters to the two companies at the end of last month, saying that the deal would pose a national security risk because it could harm the supply of steel needed for key transportation, infrastructure, construction and agricultural projects.

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