Nippon Steel, Japan’s largest steelmaker, remains resolute in its bid to acquire U.S. Steel, despite President Joe Biden’s decision to block the $15 billion deal over national security concerns. Chairman Eiji Hashimoto reaffirmed the company’s commitment, calling the acquisition “extremely beneficial for both Japan and the United States.”

250107 nippon steel mb 0937 261a52
Nippon Steel chairman and chief executive Eiji Hashimoto in Tokyo on Tuesday.

The proposed deal, announced in late 2023, has faced controversy, particularly from the United Steelworkers union, which opposes it. Biden justified his decision, citing risks to critical supply chains and jobs. However, Nippon Steel and U.S. Steel filed a lawsuit Monday, arguing the block violates trade agreements and benefits China, the dominant player in global steel production.

Nippon Steel emphasized that U.S. Steel would remain American-managed with no layoffs or closures, framing the deal as a solution to challenges facing the U.S. steel industry. Meanwhile, President-elect Donald Trump has vowed to maintain opposition, promoting blanket tariffs to bolster domestic steelmakers.

250107 blinken mb 0936 fc0350
Secretary of State Antony Blinken with Japanese Prime Minister Shigeru Ishiba in Tokyo on Tuesday.

The decision has sparked broader debate about U.S. foreign investment policies, with concerns over national security intersecting with economic diplomacy.