Tensions Rise Over Nippon Steel's Bid for U.S. Steel

Japan's Prime Minister Shigeru Ishiba urged U.S. President Joe Biden to ease concerns about Nippon Steel's bid for U.S. Steel in a meeting that focused on economic and maritime security. The acquisition, initially blocked by the Biden administration, faces delays and uncertainties affecting Japanese and U.S. businesses.

Japan's Prime Minister Shigeru Ishiba has called on U.S. President Joe Biden to address rising concerns in both Japanese and U.S. business spheres over the status of Nippon Steel's acquisition of U.S. Steel. This request was made during a virtual meeting with Biden and Philippine President Ferdinand Marcos Jr. on Monday, focusing on economic security and cooperation in maritime security, specifically in the South China Sea, according to a spokesperson from Japan's Ministry of Foreign Affairs.

Prime Minister Ishiba emphasized the necessity of ally cooperation and like-minded countries to build resilient supply chains. He highlighted the importance of ensuring companies can invest confidently to promote economic security, specifically mentioning the Nippon Steel-U.S. Steel deal.

The Biden administration, who earlier blocked the $14.9 billion acquisition on national security grounds on January 3, has postponed a directive for Nippon Steel to drop its bid until June, further extending uncertainties for the involved business communities.

(With inputs from agencies.)