Tensions Over Nippon Steel's Acquisition of U.S. Steel

Japan's Prime Minister Shigeru Ishiba has requested U.S. President Joe Biden to address concerns surrounding Nippon Steel's acquisition of U.S. Steel. While Biden blocked the acquisition on national security grounds, the Japanese and U.S. business communities are keen on resolving this matter for improved economic cooperation.

The potential acquisition of U.S. Steel by Japan's Nippon Steel has sparked significant concern in both Japan and the United States, prompting Japanese Prime Minister Shigeru Ishiba to seek clarity from U.S. President Joe Biden. On Monday, Jiji news agency reported that Ishiba requested Biden's intervention to allay apprehensions within the business communities of both nations.

The tension surrounding the acquisition escalated when President Biden halted the deal on January 3, citing national security reasons. The $14.9 billion acquisition has been postponed, with an order in place for Nippon Steel to withdraw its bid delayed until June.

Additionally, Ishiba, Biden, and Philippine President Ferdinand Marcos Jr. agreed in an online meeting to push forward with cooperative efforts in maritime and economic security, aiming to ensure stable future relations.

(With inputs from agencies.)