Nippon Steel's CEO Declares Company Won't Give Up on U.S. Steel
Japan's Nippon Steel is committed to pursuing its interest in acquiring U.S. Steel, according to the company's CEO. Despite challenges, the firm remains determined to advance its efforts in this potential acquisition.
TroibNews 
Eiji Hashimoto, CEO of Japan's Nippon Steel, stated on Tuesday that U.S. President Joe Biden's move to prevent the acquisition of United States Steel was politically driven. He asserted that the company remains committed to pursuing the takeover.
During a press conference, Hashimoto emphasized that Nippon Steel would continue its fight for the buyout of U.S. Steel, having initiated lawsuits against the U.S. government, Cleveland-Cliffs Inc., its CEO, and the president of the United Steelworkers labor union. He remarked, "We firmly believe that the various facts that will come to light through the litigation will demonstrate that this decision clearly violated the constitution and laws."
He further claimed, "A review of the deal by the Committee on Foreign Investment in the United States was not properly conducted due to President Biden's illegal intervention. We can never accept this."
These comments followed Nippon Steel's announcement of a lawsuit arguing that Biden "ignored the rule of law to gain favor with" the United Steelworkers union, which is a significant ally of the Democratic Party that opposes Nippon Steel's takeover bid.
Nippon Steel and U.S. Steel are seeking to have the court overturn Biden's order that blocks the acquisition and compel CFIUS to conduct a new review of the transaction. The presidential order requires the companies to abandon the deal "no later than 30 days after the date of this order, unless such date is extended" by CFIUS.
Hashimoto remarked, "The buyout project is not only the most important issue for our management strategy but also extremely beneficial to Japan and the U.S." He added, "We are not going to give up. There is no reason or need to give up. That is the agreed stance of Nippon Steel and U.S. Steel."
In addition, Nippon Steel filed a separate lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers union head David McCall, alleging collusion to obstruct the acquisition of U.S. Steel by anyone other than Cleveland-Cliffs.
Nippon Steel and U.S. Steel asserted their commitment to finalizing the transaction despite facing "racketeering and monopolistic conspiracies" from Cleveland-Cliffs and McCall. "We remain confident that the transaction is the best path forward to secure the future of U.S. Steel, and we will vigorously defend our rights to achieve this objective," they stated.
President Biden previously announced on Friday his decision to block the $14.1 billion sale, citing potential national security risks, and urged both companies to "fully and permanently" abandon their plans.
Debra A Smith contributed to this report for TROIB News
During a press conference, Hashimoto emphasized that Nippon Steel would continue its fight for the buyout of U.S. Steel, having initiated lawsuits against the U.S. government, Cleveland-Cliffs Inc., its CEO, and the president of the United Steelworkers labor union. He remarked, "We firmly believe that the various facts that will come to light through the litigation will demonstrate that this decision clearly violated the constitution and laws."
He further claimed, "A review of the deal by the Committee on Foreign Investment in the United States was not properly conducted due to President Biden's illegal intervention. We can never accept this."
These comments followed Nippon Steel's announcement of a lawsuit arguing that Biden "ignored the rule of law to gain favor with" the United Steelworkers union, which is a significant ally of the Democratic Party that opposes Nippon Steel's takeover bid.
Nippon Steel and U.S. Steel are seeking to have the court overturn Biden's order that blocks the acquisition and compel CFIUS to conduct a new review of the transaction. The presidential order requires the companies to abandon the deal "no later than 30 days after the date of this order, unless such date is extended" by CFIUS.
Hashimoto remarked, "The buyout project is not only the most important issue for our management strategy but also extremely beneficial to Japan and the U.S." He added, "We are not going to give up. There is no reason or need to give up. That is the agreed stance of Nippon Steel and U.S. Steel."
In addition, Nippon Steel filed a separate lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers union head David McCall, alleging collusion to obstruct the acquisition of U.S. Steel by anyone other than Cleveland-Cliffs.
Nippon Steel and U.S. Steel asserted their commitment to finalizing the transaction despite facing "racketeering and monopolistic conspiracies" from Cleveland-Cliffs and McCall. "We remain confident that the transaction is the best path forward to secure the future of U.S. Steel, and we will vigorously defend our rights to achieve this objective," they stated.
President Biden previously announced on Friday his decision to block the $14.1 billion sale, citing potential national security risks, and urged both companies to "fully and permanently" abandon their plans.
Debra A Smith contributed to this report for TROIB News
