The Committee on Foreign Investment in the United States sent its long-awaited report on the merger to Biden, who came out against the deal in March.
Both Biden and President-elect Donald Trump have courted unionized workers at U.S. Steel and vowed to block the acquisition amid concerns about foreign ownership.
The economic risk, however, is giving up Nippon Steel's potential investments in the mills and upgrades that might help preserve steel production within the United States.
Under the terms of the proposed $14.9 billion deal, U.S. Steel would become a subsidiary of Nippon Steel and would retain its name and headquarters in Pittsburgh.
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