By Kaori Kaneko, Kantaro Komiya and Alexandra AlperTOKYO/WASHINGTON (Reuters) -The U.S. government will have veto power over key decisions relating to U.S. Steel, as part of a deal with Nippon Steel that would approve the Japanese firm's bid for the well-known American steel company,

U.S. Sen. David McCormick says an arrangement for Japan-based Nippon Steel to invest in U.S. Steel will guarantee a U.S. CEO.

The federal government will also have say over U.S. board members in a tie-up between Japans’ Nippon Steel and U.S. Steel, according to a lawmaker.