President Joe Biden is expected to announce his decision on Nippon Steel's (OTC:NPSCY) $14.9 billion acquisition of United States Steel Corp. (NYSE:X) as soon as Friday, despite previously expressing opposition to foreign ownership of the iconic American steelmaker.

In a last-minute effort to secure approval, Nippon Steel proposed giving the U.S. government direct veto power over production changes at U.S. Steel's facilities, reported CBS News on Thursday, citing sources.

The Japanese steelmaker also offered a 10-year guarantee maintaining production levels at mills across six states, subject to Committee on Foreign Investment approval.

While key CFIUS members including the Justice, Treasury, and State Departments support the deal, U.S. Trade Representative Katherine Tai has raised labor-related concerns. Sources according to the report indicate U.S. Steel may pursue legal action if Biden blocks the acquisition, potentially targeting the administration and rival Cleveland-Cliffs Inc. (NYSE:CLF).

Price Action: U.S. Steel shares closed at $32.60 on Thursday, down 4.09%, before recovering 1.38% in after-hours trading, according to data from Benzinga Pro. Nippon Steel shares were seen trading 1.2% higher at JPY 3,182 ($20.23) in Tokyo at the time of writing.

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