In a bid to strengthen economic ties and alleviate business concerns, Japanese Prime Minister Shigeru Ishiba has urged U.S. President Joe Biden to ease apprehensions surrounding Nippon Steel’s planned $14.9 billion acquisition of U.S. Steel. The appeal was made during a three-way online meeting on Monday with Biden and Philippine President Ferdinand Marcos Jr., highlighting the significance of cooperation among allies in bolstering global supply chains.
According to a spokesman from Japan’s Ministry of Foreign Affairs, Prime Minister Ishiba emphasized that collaboration with like-minded countries is essential for establishing resilient supply chains. “It is important to make efforts to ensure that companies can invest with peace of mind in order to promote economic security,” the spokesman quoted Ishiba as saying.
The Biden administration had earlier blocked the acquisition on national security grounds on January 3 but has delayed an order for Nippon Steel to abandon its bid until June 18, as reported by both steel companies on Saturday. The delay has left the Japanese and U.S. business communities seeking clarity on the deal’s future.
“I said that strong voices of concerns are being raised not just in Japan but also in the U.S. business community, and I urged President Biden to dispel these feelings,” Ishiba told reporters after the meeting. The Prime Minister’s direct mention of the Nippon Steel-U.S. Steel deal underscores the strategic importance of the acquisition for both nations.
Both firms have initiated legal action, accusing the outgoing U.S. president of “illegal interference.” The situation has highlighted tensions over foreign investments and the balance between national security and economic collaboration.
The discussion also involved Philippine President Ferdinand Marcos Jr., suggesting a broader regional interest in maintaining robust economic partnerships and secure investment environments amidst global uncertainties.
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Ishiba asks Biden to allay concerns over Nippon Steel-U.S. Steel deal
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