“There is a chance to win the case” Confident in winning the case… “There is no alternative”
Japanese Steel’s acquisition of US Steel “extremely beneficial to both the U.S. and Japan”
When U.S. President Joe Biden disallowed Nippon Steel’s acquisition of US Steel, Nippon Steel, which filed the lawsuit, announced that it would not give up on the acquisition, saying it had a chance to win.
According to Japanese public broadcaster NHK, Nippon Keizai Shimbun (Nikkei), and Jiji News Agency on the 7th, Eiji Hashimoto (橋本英二), chairman and CEO of Nippon Steel, held a press conference at the Tokyo headquarters this morning and said, “President Biden’s illegal actions. “It is completely unacceptable that this presidential decree was reached without the Committee on Foreign Investment in the United States (CFIUS) review process being properly implemented due to political intervention.” strongly criticized.
Chairman Hashimoto said, “We will never give up doing business in the United States because we believe that the acquisition of US Steel will help strengthen the national security of the United States,” adding, “I think there is no reason to give up.” “It is an idea that is consistent with Japan Steel and US Steel,” he said.
In particular, he said, “There is a chance to win the case.” Reuters explained that he “expressed confidence in winning (the lawsuit).”
However, when asked about the possibility of winning the case, he said, “Because it is a matter for the future, now is not the time to tell you what the percentage (probability of winning the case) is or how long (the trial period) will be.”
Chairman Hashimoto repeatedly emphasized his intention to complete the acquisition, saying, “I don’t have any ideas on how to replace the acquisition.”
In addition, he said, “Although President Biden issued a ban, this case is the most important issue in our company’s management strategy and we are still convinced that it is extremely beneficial to both Japan and the United States.”
He also explained, “By investing in our technology and products, we can make steel materials that cannot currently be made sufficiently in the United States.”
US Steel is a symbolic company in the American steel industry founded in 1901, and Japan Steel announced that it will pursue an acquisition in December 2023.
However, David McCall, president of the United Steel Workers (USW), which has 850,000 members, expressed opposition, putting a red flag on the project. Both President Biden and President-elect Donald Trump opposed the deal.
In the end, CFIUS, which was reviewing Japan Steel’s acquisition of US Steel, was unable to reach an intra-ministerial agreement on the 23rd of last month and handed over the final decision to President Biden. However, CFIUS warned that the deal could reduce domestic steel production and pose a “risk to U.S. national security.”
Accordingly, on the 3rd, President Biden ordered both Japan Steel and US Steel to take measures to completely abandon the acquisition plan within 30 days in principle, citing national security concerns and maintaining a strong supply chain. The deadline is the 2nd of next month.
On the 6th, Japan Steel jointly filed a lawsuit with US Steel in a U.S. court requesting that President Biden’s order be invalidated. It was claimed that there was unfair political interference. Chairman McCall and others filed a lawsuit on charges of interfering with the acquisition of US Steel.
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