Japanese PM Calls for Approval of Key Steel Industry Deal
Editorial StaffThe Facts -
- CFIUS is reviewing the Nippon Steel-U.S. Steel acquisition deal.
- Prime Minister Ishiba urges Biden to approve it for US-Japan relations.
- President-elect Trump intends to block the deal citing security risks.
The US Committee on Foreign Investment is currently reviewing the acquisition
Japanese Prime Minister Shigeru Ishiba urged US President Joe Biden to approve the Nippon Steel-U.S. Steel deal, highlighting its importance in strengthening US-Japan relations. This request was reported by Reuters.
Biden opposed the acquisition, leading the Committee on Foreign Investment in the United States (CFIUS) to review it for national security implications.
CFIUS will decide in December and may impose conditions to address security risks or block the deal. Concerns were outlined in a letter on August 31, citing potential threats to the US steel supply chain. The review was extended post-election for thorough evaluation.
President-elect Donald Trump plans to block the deal after his inauguration on January 20.
In a letter seen by Reuters, Ishiba emphasized Japan as the largest US investor and praised Biden’s efforts in enhancing bilateral ties. He advocated for deal approval to maintain these relations.
The US Embassy in Japan and other parties declined to comment on the matter.
The US Department of Commerce raised import duties on Nippon Steel’s hot-rolled products, setting a dumping margin of 29%, up from 1.39%.
Nippon Steel committed to the United Steelworkers union not to import slabs into the US from international mills, aligning with its intention to acquire US Steel.
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