Japanese Prime Minister Shigeru Ishiba has called on U.S. President Joe Biden to alleviate concerns surrounding Nippon Steel’s planned acquisition of U.S. Steel. The request was made during a virtual meeting on Monday that also included Philippine President Ferdinand Marcos Jr., according to a spokesperson from Japan’s Ministry of Foreign Affairs.
“Prime Minister Ishiba emphasized that cooperation among allies and like-minded nations is essential for building resilient supply chains,” the spokesperson said. “He highlighted the importance of ensuring that companies can invest confidently to promote economic security.”
The spokesperson confirmed that Ishiba specifically mentioned the Nippon Steel-U.S. Steel deal during the discussion. Ishiba later told reporters, “Strong voices of concern are being raised not only in Japan but also within the U.S. business community. I urged President Biden to dispel these feelings.”
The Biden administration had previously blocked Nippon Steel’s $14.9 billion bid for U.S. Steel on national security grounds on January 3. However, both companies announced on Saturday that the administration has postponed the order requiring Nippon Steel to abandon the acquisition until June 18. In response, both firms have initiated legal action, accusing the administration of “illegal interference.”
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Ishiba asks Biden to allay concerns over Nippon Steel-U.S. Steel deal
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