New Japan Iron and United States Steel Corporation (X.US) are making a final effort to win approval in the United States to ensure the success of their $14.9 billion merger.

The executives of Japan's steel industry leader Nippon Steel and the Chief Executive Officer of United States Steel Corporation (X.US) met with U.S. senior officials on Wednesday to save a $14.9 billion acquisition plan. According to a source who wished to remain anonymous, Nippon Steel's key negotiator Takahiro Mori and United States Steel Corporation's CEO David Burritt attended the meeting, with officials such as U.S. Deputy Treasury Secretary Wally Adeyemo and Deputy Commerce Secretary Don Graves expected to be part of the discussion. The source refused to disclose their name as they were not authorized to discuss the matter publicly. The U.S. Foreign Investment Committee (CFIUS) led by the U.S. Department of the Treasury as well as Nippon Steel and United States Steel Corporation both declined to comment on the meeting. The Department of Commerce and the White House also did not immediately respond to requests for comment. The meeting took place against the backdrop of both Republican presidential candidate Donald Trump and Democratic candidate Kamala Harris opposing the deal. Both candidates are vying for the key swing state of Pennsylvania, where the headquarters of United States Steel Corporation is located. Reports had previously indicated that the Biden administration was preparing to block the acquisition plan initiated by Nippon Steel, and Vice President Kamala Harris had joined Biden in opposing the deal, stating that United States Steel Corporation should continue to be owned and operated domestically. This was her first statement on the proposed transaction and aligned with Biden's position. Burritt plans to discuss the merger during a Detroit Economic Club meeting next week. Last year, rival Cleveland-Cliffs (CLF.US) made an unsolicited acquisition offer to United States Steel Corporation, which was rejected. This proposal raised concerns among American automakers. Earlier this month, executives at Cleveland-Cliffs stated that they were still looking for assets of potential competitors. Cleveland-Cliffs CEO Lourenco Goncalves stated in an interview on September 5 that if Nippon Steel's $14.1 billion acquisition offer for United States Steel Corporation fails, he would be willing to bid for the assets of the company. Following the news, United States Steel Corporation's stock rose 2% to $29.97 on September 5, after plummeting over 24% the previous day, triggering a volatility halt. On Wednesday, the Japan Business Federation and some U.S. business groups wrote to U.S. Treasury Secretary Janet Yellen expressing concern that the Biden administration's national security review of Nippon Steel's acquisition of United States Steel Corporation may be subject to undue political pressure. This review is conducted by the U.S. Foreign Investment Committee. It was reported that in late August, the U.S. Foreign Investment Committee sent letters to both companies warning that their proposed collaboration would weaken the U.S. steel supply chain, thereby threatening national security, which seemed to spell the impending failure of the proposed deal. "CFIUS should not be used as a tool for political agendas, nor should it evolve into an industrial policy masquerading as national security," the business groups stated in the letter. "We are concerned that CFIUS procedures may be used to advance political agendas beyond the committee's mandate, endangering the U.S. economy and workers." Reuters also saw a 100-page rebuttal letter from the two companies, stating that the agreement would actually increase U.S. steel production by allowing a company from an allied country to inject much-needed cash into a struggling American company in a critical industry. Japanese government spokesperson Hideki Murai stated in a press conference on Thursday, "Strengthening economic relations further, including expanding mutual investments, is crucial for both Japan and the U.S." However, he declined to comment specifically on the agreement.