Nippon's proposal to buy U.S. Steel has been opposed by several U.S. lawmakers on national security grounds, with President Joe Biden expected to voice concerns over the buyout in the coming days.

The deal, which is a culmination of multiple bids by a range of suitors for the 122-year-old company, has also drawn criticism from the powerful United Steelworkers union.

Here's a timeline of recent events leading up to the deal between Japan's largest steelmaker and the company whose steel was used to build iconic structures such as the United Nations building in New York City and the New Orleans Superdome.

DATE DEVELOPMENT

Aug. 13, 2023 U.S. Steel announces its intention to

explore strategic alternatives after

receiving multiple unsolicited proposals,

ranging from the acquisition of certain

production assets to consideration for the

entire company

Aug. 13, 2023 U.S. Steel rejects a $7.3-billion offer from

Cleveland-Cliffs, leading to the initiation

of a formal review of its strategic options

Aug. 14, 2023 The United Steelworkers (USW) union supports

Cleveland-Cliffs' bid to acquire U.S. Steel,

saying the company is the best strategic

buyer

Aug. 14, 2023 Shares of U.S. Steel rise after privately

held firm Esmark makes a $7.8-billion

all-cash offer for the company

Aug. 16, 2023 ArcelorMittal, the world's second-largest

steelmaker, considers a potential offer for

U.S. Steel, Reuters reports

Aug. 17, 2023 U.S. Senator J.D. Vance asks U.S. Steel to

rule out a foreign buyer for the company

Aug. 17, 2023 U.S. Steel states that its labor agreement

with USW does not grant the union the right

to veto a potential sale of the company

Aug. 22, 2023 Cleveland-Cliffs demands U.S. Steel reveal

all buyout offers it has received

Aug. 23, 2023 Esmark withdraws its bid for U.S. Steel,

respecting the position of the USW union,

which supports Cleveland-Cliffs' offer

Aug. 29, 2023 U.S. Steel begins the due-diligence process

after entering agreements with numerous

third parties

Sept. 20, 2023 U.S. Steel and Cleveland-Cliffs clash over a

confidentiality pact

Sept. 21, 2023 Canada's Stelco Holdings considers a bid for

U.S. Steel, Bloomberg news reports

Sept. 28, 2023 U.S. Steel allows Cleveland-Cliffs to

participate in its sale process

Oct. 31, 2023 Major automakers oppose Cleveland-Cliffs'

proposed acquisition of U.S. Steel, citing

potential cost increases and a slowdown in

electric-vehicle sales

Dec. 18, 2023 Japan's Nippon Steel announces its plan to

buy U.S. Steel in a deal valued at $14.9

billion

Dec. 19, 2023 Three U.S. Republican senators urged

Treasury Secretary Janet Yellen to block the

acquisition of U.S. Steel by Nippon Steel,

citing national security concerns.

Dec. 20, 2023 Brian Deese, a key player in President Joe

Biden's 2024 re-election bid, said that

Nippon Steel's proposed purchase of U.S.

Steel was concerning and that the

administration should look closely at it.

Dec. 21, 2023 The White House said Nippon Steel's proposed

acquisition of U.S. Steel deserves "serious

scrutiny," given the company's core role in

U.S. steel production that is critical to

national security.

Dec. 22, 2023 Japanese Industry Minister Ken Saito said

that U.S.-Japanese ties were "stronger than

ever," although he declined to comment

directly on growing scrutiny in the United

States of a proposed deal for Nippon Steel

to buy U.S. Steel.

Jan. 05, 2024 Nippon Steel was confident of successfully

completing its planned acquisition of U.S.

Steel, despite opposition from labor union

and certain U.S. senators, its president

said.

Jan. 12, 2024 Nippon Steel said President Eiji Hashimoto

would become CEO and chairman effective

April 1, remaining at the helm as the top

Japanese steelmaker aims to complete a deal

to take over U.S. Steel

Jan. 24, 2024 Nippon Steel Executive Vice President

Takahiro Mori met U.S. Congress members to

discuss acquisition of U.S. Steel, as it

faced strong resistance to the deal.

Jan. 30, 2024 Sumitomo Mitsui Financial Group, Mitsubishi

UFJ Financial Group and Mizuho Financial

Group planned to lend Nippon Steel a

combined $16 billion for its planned

acquisition of U.S. Steel.

Feb. 07, 2024 Nippon Steel said it was on track to

finalize its planned acquisition of U.S.

Steel by the end of September as it stepped

up talks with key stakeholders, particularly

labor unions.

March 04, 2024 A senior Nippon Steel executive told Reuters

he was set to meet the United Steelworkers

union chief to seek support for acquiring

U.S. Steel.

March 13, 2024 President Joe Biden planned to express

concern over Nippon Steel's proposed

purchase of U.S. Steel, pushing the U.S.

company's stock nearly 13% lower on bets the

deal could face greater political

opposition.

The U.S. Department of Justice

April 10, 2024 opened an in-depth

antitrust investigation

into Nippon Steel's takeover of

U.S. Steel.

U.S. Steel shareholders

April 12, 2024 voted to approve

the acquisition, taking the

merger one step closer to completion even as

political opposition to the deal mounts.

Sources: Reuters reports, company records

(Reporting by Abhinav Parmar, Shivansh Tiwary, Kannaki Deka and Aatreyee Dasgupta; Editing by Pooja Desai, Anil D'Silva and Maju Samuel)