Japanese steelmaker vows not to give up on buying U.S. Steel

Japan’s largest steelmaker said that it would not give up trying to purchase U.S. Steel even after President Joe Biden blocked the $15 billion bid last week.

TOKYO — Japan’s largest steelmaker said Tuesday that it would not give up trying to purchase U.S. Steel even after President Joe Biden blocked the $15 billion bid last week over national security concerns.

The blocking of the proposed deal by Nippon Steel cast a shadow over a final visit to Japan by outgoing Secretary of State Antony Blinken, amid worries that it could sour U.S. relations with a key diplomatic and economic Asian ally — the two countries are each other's biggest foreign investors.

Eiji Hashimoto, chairman and chief executive of Nippon Steel, the world’s fourth-largest steelmaker, said there was “no reason or need to give up” on the bid.

“This is not just the most important matter for our company’s business strategy,” he told reporters in Tokyo. “I am firmly convinced this is something extremely beneficial for both Japan and the United States.”

On Monday, Nippon Steel and U.S. Steel, which strongly supports the deal, sued the Biden administration and others over the decision, saying Biden ignored the rule of law to gain political favor with union members who opposed it.

https://www.nbcnews.com/news/world/japanese-steelmaker-vows-not-give-buying-us-steel-rcna186512

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