Nippon Steel sent a new proposal in its bid to buy U.S. Steel, including giving the U.S. government a veto over any reduction in U.S. Steel’s “production capacity.”

US Steel (NYSE:X) +11.8% in Tuesday's trading following a report from The Washington Post that Nippon Steel (OTCPK:NPSCY) (OTCPK:NISTF) has proposed allowing the U.S. government to veto any reduction in US Steel's production capacity,

US Steel (X) shares are rising by as high as 11% after the Japanese-owned Nippon Steel (NPSCY, 5401.T) submitted a new buyout proposal to the Biden administration, according to the Washington Post. After the Committee on Foreign Investment in the US (CFIUS) failed to reach a consensus on the deal,