Japanese PM asks Biden to ease concerns over Nippon Steel-US Steel talks

By Kevin Buckland and Kiyoshi Takenaka

TOKYO (Reuters) – Japanese Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to calm concerns about Japan and the U.S. business community over Nippon Steel’s planned purchase of U.S. Steel.

Ishiba made the request on Monday during a trilateral online meeting with Biden and Philippine President Ferdinand Marcos Jr. on economic security and maritime security cooperation in the South China Sea, a Japanese foreign ministry spokesman said. .

“Prime Minister Ishiba pointed out the importance of cooperation with partners and like-minded countries to establish an unbreakable supply chain, and to ensure economic security, it is important to strive to give companies peace of mind,” he said. Added.

The spokesman confirmed that Ishiba specifically mentioned the Nippon Steel-US Steel deal.

The Biden administration’s order to drop Nippon Steel’s $14.9 billion bid for US Steel has been delayed until June, the companies said Saturday, after the president earlier blocked the purchase on Jan. 3 on national security grounds.