Prime Minister Shigeru Ishiba has urged U.S. President Joe Biden to approve Nippon Steel Corp.'s proposed acquisition of U.S. Steel. In a letter sent in late November, Ishiba argued that the deal would benefit both countries by combining advanced technologies, increasing competitiveness, and enhancing steel production capacity and employment in the United States.
The proposed acquisition is currently under review by the U.S. Justice Department and the Committee on Foreign Investment in the United States. The Justice Department is investigating potential antitrust concerns, while the Committee is assessing the national security implications of the deal. The deadline for a decision is set for late December.
In his letter, Ishiba emphasized Japan's position as the top foreign investor in the United States and asked for Biden's approval to avoid casting a shadow on his achievements over the past four years.
Nippon Steel aims to complete the acquisition before President-elect Donald Trump takes office in January. However, it is unclear whether Ishiba has received a reply from Biden.
President Biden has previously stated that it is crucial for U.S. Steel to remain an American company that is domestically owned and operated.