Japanese Prime Minister Shigeru Ishiba has personally reached out to US President Joe Biden, advocating for the approval of Nippon Steel Corp.'s acquisition of US Steel. Ishiba's letter highlighted the potential benefits of combining advanced technologies from Japanese and US steel companies to enhance competitiveness and boost steel production capacity in the United States, ultimately leading to increased employment opportunities.
Amidst an ongoing antitrust investigation by the US Justice Department and a national security review conducted by the Committee on Foreign Investment, Ishiba's plea also underlined the significant investment of approximately 2 trillion yen ($13 billion) that Nippon Steel is seeking to make in US Steel. The Japanese Prime Minister emphasized the timing of his message as crucial, indicating his desire for a favorable decision before the end of December.
Stressing Japan's standing as the top foreign investor in the United States, Ishiba's letter aimed to secure Biden's approval without overshadowing the President's accomplishments over the past four years. Nippon Steel is keen on finalizing the acquisition before the transition to the new US administration in January, with the expectation that the deal will receive the necessary endorsement. To date, it remains uncertain whether Ishiba has received a response from Biden, who has previously voiced the importance of US Steel retaining its American ownership and operation.