Japanese Prime Minister Shigeru Ishiba has sent a letter to US President Joe Biden with the aim of getting his approval and expediting the process regarding the proposed acquisition of US Steel by Nippon Steel, according to a report by Reuters.
In the letter, Mr. Ishiba has called on President Biden to approve the acquisition and to not cast doubt on recent efforts to strengthen ties between the two countries.
As SteelOrbis reported previously, Biden had earlier this year revealed his opposition to the deal and his support for the United Steelworkers (USW) union, saying that US Steel must remain domestically owned and operated.
“Japan stands as the largest investor in the US, with its investments showing a steady upward trend. Continuing this upward trend of Japanese investment in the US benefits both of our countries, showcasing the robustness of the Japan-US Alliance to the world. The proposed acquisition will enable Japanese and US steel companies to combine advanced technologies and increase competitiveness, and will contribute to enhancing steel production capacity and employment in the US. We respectfully ask for the US government to approve the planned acquisition by Nippon Steel,” the Japanese PM’s letter reads.
The review that is being conducted by the Committee on Foreign Investment in the United States (CFIUS) on the deal is expected to be completed next month before the president-elect Donald Trump, who has also pledged to block the deal, takes office. The CFIUS could approve the acquisition, recommend that the president block it or extend the review.
Nippon Steel stated earlier that it aimed to complete the acquisition by the end of this year, as SteelOrbis reported previously.