Chairman of Japan Steel Co., Ltd. "We cannot accept the acquisition of US Steel...Illegal U.S. Political Intervention"

Eiji Hashimoto, chairman of Japan Steel, said U.S. President Joe Biden's refusal to buy U.S. steelmaker US Steel was "unacceptable because the screening was not appropriate due to President Biden's illegal political intervention."

According to Kyodo News and NHK, Chairman Hashimoto held a press conference this morning (7th) to file an objection suit demanding President Biden's order not to take over and invalidate the U.S. government review.

Chairman Hashimoto emphasized, "We are confident that this is not only a very important issue in our management strategy, but it is also very beneficial to the Japanese and U.S. governments."

"We will be able to manufacture steel materials that cannot be made sufficiently in the United States by investing our technologies and products," he added. "We will never give up our business in the United States because we believe it will contribute to strengthening U.S. national security."

Earlier, in a statement on Thursday local time, President Biden ordered the two companies to take all steps necessary to abandon their acquisition plans within 30 days, saying they pose "a risk to national security and to very important supply chains" about Japan Steel's planned acquisition of U.S. Steel.

In response, Nippon Steel filed a lawsuit with US Steel the previous day against the Foreign Investment Review Board (CFIUS) under the U.S. Treasury Department, which reviewed the acquisition plan with President Biden.

In addition, U.S. steel companies Cleveland-Cliffs and U.S. Steel Union (USW) Chairman David McCall filed a separate lawsuit against them seeking suspension of illegal activities and compensation for damages, judging that they systematically engaged in illegal activities to block the acquisition of U.S. Steel.

"It is necessary to protect the right to pursue the acquisition plan without unlawful and inappropriate political intervention and anti-competitive interference," Nippon Steel said on the reason for the lawsuit.

NHK said, "It has become an unusual situation for a Japanese private company to show a full-scale fight against President Biden and the U.S. government."