Nippon Steel Stands Firm On A US Steel Takeover And Denies Risks Cited By Biden

PITTSBURGH, PENNSYLVANIA – MARCH 20: A general view of the exterior of the U.S. Steel Tower, headquarters of USX Steel, on March 20, 2024 in Pittsburgh, Pennsylvania. Nippon Steel has said that it would relocate its U.S. headquarters from Houston to Pittsburgh, where U.S. Steel (X.N) is located, if their acquisition deal goes through. (Photo by Jeff Swensen/Getty Images)

TOKYO (AP) — Nippon Steel Chief Executive Eiji Hashimoto says the top Japanese steelmaker is standing firm on its proposed $15 billion acquisition of U.S. Steel. He told reporters Tuesday in Tokyo there is no reason or need to give up. President Joe Biden has blocked the move. Hashimoto says it’s the best for both nations and poses no security risks. Nippon Steel and U.S. Steel have filed lawsuits challenging the decision. In blocking the transaction Friday, Biden said U.S. companies producing steel need to fight for America’s interests. Proponents of the takeover say Japan is a U.S. ally, as well as a top investor in American companies. While Biden is leaving office soon, incoming President Donald Trump also opposes the acquisition.