Nippon Steel has refused to back down on its proposed $15 billion acquisition of US Steel, Chief Executive Eiji Hashimoto stated after President Joe Biden blocked the deal. Hashimoto expressed confidence that the acquisition will be beneficial for both nations.
The steelmakers have filed separate lawsuits in the US courts challenging the Biden administration’s decision, arguing that it ignored the rule of law and threatened United States national security. Proponents of the takeover argue that Japan is a strategic ally and investor in American companies, creating jobs and economic impact of up to $1 billion.
Hashimoto emphasized that Nippon Steel and US Steel are united in wanting the deal to go through, despite Biden’s decision being unlawful and invalid. The US market remains a key part of Nippon Steel’s global strategy.
US Steel has also accused the Biden administration of interference, vowing to defend its rights to complete the transaction and secure the future of US Steel. Japanese Prime Minister Shigeru Ishiba supports the deal, dismissing any security concerns.
Source: https://apnews.com/article/steelmakers-nippon-takeoversteel-bidentrump-3dbaea0e12f80ab9f42d5472e7e4ab1d