Eiji Hashimoto, Chairman of Japan’s Nippon Steel, has strongly criticized U.S. President Joe Biden’s decision to block the acquisition of U.S. Steel, calling the move unacceptable and arguing that it was the result of unlawful political interference by the U.S. government.
At a press conference on Tuesday, Hashimoto revealed that Nippon Steel had filed a lawsuit challenging the U.S. government’s rejection of their deal and seeking to invalidate the review process. He stressed that the issue was crucial not only to the company’s strategy but also offered significant benefits for both Japan and the United States. Hashimoto stated that by leveraging their advanced technology and products, they could produce high-quality steel not currently made in sufficient quantities in the U.S. He also firmly believed that the acquisition would strengthen U.S. national security and affirmed their commitment to continuing their business operations in the United States.
On Friday, Biden ordered Nippon Steel and U.S. Steel to abandon the acquisition within 30 days, citing national security concerns and risks to critical U.S. supply chains. In response, Nippon Steel and U.S. Steel filed a lawsuit against the U.S. Department of the Treasury’s Committee on Foreign Investment in the United States (CFIUS), seeking to overturn the denial and have the deal re-evaluated.
In addition to challenging the U.S. government’s decision, the companies filed a separate lawsuit against Cleveland-Cliffs, a U.S. steelmaker, and David McCall, president of the United Steelworkers (USW). The lawsuit accuses them of unlawful activities that obstruct the acquisition and demands that they cease, along with compensation for damages.
NHK described the situation as unprecedented, noting that a Japanese private company is taking a strong stand against President Biden and the U.S. government.