Photo = Yonhap news

 

[Alpha Biz= Kim Jisun] The Japanese government has strongly protested the U.S. decision to block U.S. President Joe Biden's refusal of Nippon Steel's attempt to acquire U.S. Steel, citing national security concerns.

According to Kyodo News and NHK on Saturday, Japanese Minister of Economy, Trade, and Industry, Yoji Muto, issued a statement late at night expressing disappointment and difficulty in understanding the U.S. decision. "It is difficult to understand and regrettable that this decision was made citing national security concerns," Muto said. He added, "There are growing concerns in the business communities of both countries, especially in Japan's industrial sector, and we cannot ignore this as the Japanese government. We will demand explanations and take actions to address these concerns with the Biden administration."

Muto also emphasized that Japan had considered Nippon Steel's acquisition of U.S. Steel as beneficial for both countries.

In a joint statement, Nippon Steel and U.S. Steel stated, "This decision is clearly a political judgment," and confirmed they would pursue all legal avenues to protect their rights. The two companies further stated, "It is shocking and deeply concerning that Japan, a close ally, is treated in this manner," and warned that the decision sends a strong message to all companies considering large-scale investments in the U.S. from allied countries, urging them to reconsider such investments.

 

 

 

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