In a significant move, Japanese Prime Minister Shigeru Ishiba reached out to U.S. President Joe Biden to address concerns surrounding Nippon Steel’s planned acquisition of U.S. Steel. The discussion took place during a three-way online meeting with Philippine President Ferdinand Marcos Jr. on Monday, as confirmed by a spokesperson from Japan’s Ministry of Foreign Affairs.
Prime Minister Ishiba emphasized the importance of cooperation among allies and like-minded nations in establishing resilient supply chains. He highlighted the need for creating a secure investment environment to promote economic security, ensuring that companies can invest with confidence.
“Strong voices of concern are being raised not just in Japan but also within the U.S. business community,” Ishiba stated after the meeting. “I urged President Biden to dispel these concerns to facilitate smoother negotiations and mutual economic growth.”
The Biden administration had previously delayed its order for Nippon Steel to abandon its $14.9 billion bid for U.S. Steel until June 18, after initially blocking the acquisition on national security grounds on January 3. Both Nippon Steel and U.S. Steel have initiated legal actions, accusing the outgoing U.S. president of “illegal interference.”
The outcome of this high-stakes acquisition could have significant implications for the global steel industry, potentially reshaping market dynamics and supply chain structures. As negotiations continue, stakeholders from both countries are keenly observing the developments, hoping for a resolution that supports economic stability and growth.
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Ishiba asks Biden to allay concerns over Nippon Steel-U.S. Steel deal
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