Japan PM urges Biden to ease concerns over $14.9 billion US Steel acquisition

Japanese Prime Minister Shigeru Ishiba on Monday asked U.S. President Joe Biden to alleviate concerns in the Japanese and U.S. business communities regarding Nippon Steel’s planned $14.9 billion acquisition of U.S. Steel.

The request came during a three-way online meeting with Philippine President Ferdinand Marcos Jr., focusing on economic and maritime security in the South China Sea.

Ishiba emphasized the importance of cooperation among allies to establish resilient supply chains, adding that it is crucial to create an environment where companies can invest with confidence. During the meeting, he specifically raised the issue of the Nippon Steel-U.S. Steel deal.

The Biden administration had earlier blocked the acquisition on national security grounds, postponing the decision until June.