Press release or official announcement from U.S. Steel

Japan's Ishiba Urges Biden to Address Concerns Over Blocked $14.9 Billion Nippon Steel-U.S. Steel Deal at Trilateral Summit

Jan 13, 2025, 12:52 AM

Japanese Prime Minister Shigeru Ishiba has expressed concerns to U.S. President Joe Biden regarding the decision to block Nippon Steel's $14.9 billion acquisition of U.S. Steel. During a trilateral online summit with Biden and Philippine President Ferdinand Marcos Jr., Ishiba conveyed that the move has raised significant concerns within the Japanese and U.S. business communities about future investments. Ishiba urged the U.S. government to take necessary actions to alleviate these concerns, emphasizing the importance of a robust supply chain and economic security through cooperation between allied nations. The summit also addressed broader issues of maritime and economic security, reaffirming the commitment to strengthen cooperation among Japan, the U.S., and the Philippines.