Nippon Steel, the fourth-largest steelmaker globally, has vowed to fight US President Joe Biden's decision to block its acquisition of US Steel, citing national security concerns. The Japanese company plans to explore all legal options and will hold a press conference to address the issue.
Japan’s Nippon Steel on Monday reiterated its determination to challenge US President Joe Biden ’s decision to block its takeover of US Steel, reported Xinhua quoting a news report. Nippon Steel President Tadashi Imai said in a statement issued Monday that “we will pursue every possible measure” as “we will never give up on expanding our US operations.” The Japanese steel giant, the world’s fourth-largest by production volume, will hold a press conference on Tuesday, Kyodo News reported.
A Nippon Steel executive said that the company wants to confirm various issues ahead of the press conference, it added. Meanwhile, Japan’s Prime Minister Shigeru Ishiba on Monday called for clarity over Biden’s block of the proposed acquisition, noting that “they need to be able to explain clearly why there is a national security concern.” Biden said Friday that he has decided to block the US$14.1 billion sale of US Steel to Nippon Steel, citing risks to national security, while urging the two steelmakers to “fully and permanently” abandon their plan. In a joint statement released after the decision, the two firms said the US authorities’ review of the international buyout project was “manipulated to advance President Biden’s political agenda” and that they will “take all appropriate action to protect our legal rights.
Nippon Steel US Steel Acquisition Biden National Security Legal Challenge
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden Blocks Nippon Steel's Purchase of US SteelUS President Joe Biden has decided to officially block Nippon Steel's proposed US$14.9-billion purchase of US Steel, ending a long-running and contentious merger plan. The Committee on Foreign Investment in the United States (CFIUS) had previously referred the decision to Biden, who will leave office on January 20. Despite some senior advisers' concerns about potential harm to US-Japan relations, Biden made the call to block the deal.
Read more »
Biden blocks US Steel sale to Japan’s Nippon SteelPresident Biden intervenes to block the sale of US Steel to Japan’s Nippon Steel, citing national security concerns.
Read more »
What’s next for Nippon Steel and US Steel after Biden blocks US$15b merger over national security fears?US Steel, Nippon Steel blast Biden’s block of deal Concerns about US-Japanese relations Union says job risk unfounded WASHINGTON, Jan 4 — US President Joe Biden blocked...
Read more »
Trump Vows to Reinstate Executions After Biden Spares 37 Death Row InmatesDonald Trump criticized President Joe Biden for commuting the sentences of 37 federal death row inmates to life without parole, calling the decision 'senseless' and vowing to reinstate executions if he wins the 2024 election.
Read more »
Toilet troubles force Japan Airlines, All Nippon Airways planes back to starting pointsGENEVA (Reuters) - The U.N. technology agency has created a new body to boost protection for submarine cables, aiming to help shore them up against damage and accelerate repairs after a series of high-profile failures.
Read more »
Factory Shut Down for Producing Steel and Aluminium Instead of Electrical EquipmentA factory in Rawang, Selangor, was ordered to cease operations for violating its license conditions by producing steel and aluminium instead of electrical equipment. The operation was conducted by the Selayang Municipal Council (MPS) along with the Selangor Water Management Authority (Luas) and the state Environment Department to address water supply disruptions caused by pollution.
Read more »