Japanese giant defends U.S. Steel takeover after Biden comes out against the deal

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TOKYO — Japan’s largest steelmaker defended its projected acquisition of U.S. Steel connected Friday arsenic a measurement to fortify “American proviso chains and economical defenses against China,” a time aft President Joe Biden came retired against nan deal.

Nippon Steel said it was wished to complete nan $14 cardinal takeover agreed to successful December, which has raised concerns astir nan implications for national workers, proviso chains and U.S. nationalist security.

“Through accrued financial finance and nan publication of our precocious technologies to U.S. Steel, Nippon Steel will beforehand American priorities by driving greater value and competitiveness for customers successful nan captious industries that trust connected American alloy while strengthening American proviso chains and economical defenses against China,” nan Tokyo-based institution said successful a statement.

“No different U.S. alloy institution connected its ain tin meet this situation while besides gathering antitrust requirements,” it added.

The institution said that nether its proposal, location would beryllium nary layoffs aliases works closures arsenic a consequence of nan transaction.

On Thursday, Biden said Pittsburgh-based U.S. Steel should stay American-owned.

“It is important that we support beardown American alloy companies powered by American alloy workers,” he said successful a statement released by nan White House. “I told our alloy workers I person their backs, and I meant it.”

“U.S. Steel has been an iconic American alloy institution for much than a century, and it is captious for it to stay an American alloy institution that is domestically owned and operated,” he added.

The United Steelworkers national welcomed Biden’s remarks.

“Allowing 1 of our nation’s largest alloy manufacturers to beryllium purchased by a foreign-owned corp leaves america susceptible erstwhile it comes to gathering some our defense and captious infrastructure needs,” David McCall, nan president of United Steelworkers International, said successful a statement.

Asked astir Biden’s remarks connected Friday, Japanese Chief Cabinet Secretary Yoshimasa Hayashi declined to remark connected matters concerning nan guidance of individual companies.

He added that nan U.S.-Japan alliance “has ne'er been stronger” and that nan 2 countries will proceed to activity intimately together “to execute sustainable and inclusive economical maturation successful nan Indo-Pacific region and to support and fortify a free and unfastened economical order.”

Arata Yamamoto reported from Tokyo, and Jennifer Jett reported from Hong Kong.

Arata Yamamoto

Arata Yamamoto has been a NBC News shaper successful Tokyo since 1993.

Jennifer Jett

Jennifer Jett is nan Asia Digital Editor for NBC News, based successful Hong Kong.