Nippon Steel CEO Vows to Continue Pursuit of U.S. Steel Acquisition

Japan's Nippon Steel CEO emphasized on Tuesday that the company is not giving up on its takeover of U.S. Steel, a day after it sued the Joe Biden administration over blocking the proposed merger. 'There is no reason or need to give up on (the takeover). We simply cannot accept it,' Nippon Steel's chairman and CEO Eiji Hashimoto said in a press conference.

In a statement accompanying the lawsuits, the two companies said they remained confident that the deal was 'the best path forward to secure the future of U.S. Steel' and emphasized their right to pursue the merger.'There is no reason or need to give up on (the takeover). We simply cannot accept it,' Hashimoto said at According to Reuters' translations, Hashimoto emphasized that he would never give up on expanding operations in the U.S., and was not considering any alternative plan aside from the company's current pursuit of U.S. Steel.Japan's Nippon Steel from acquiring U.S. Steel, fulfilling his pledge to keep an industrial name that is over a century old under U.S. ownership.In a statement released Monday, both parties claimed that Biden influenced the decision of the Committee on Foreign Investment in the U.S., or CFIUS, which evaluates foreign investments for potential national security threats, and breached the companies' right to an impartial review. 'As a result of President Biden's undue influence to advance his political agenda, the Committee on Foreign Investment in the United States ('CFIUS' or the'Committee') failed to conduct a good faith, national security-focused regulatory review process,' the companies said.Hashimoto added that Nippon Steel will explain to the new U.S. administration how the acquisition would strengthen U.S. Steel, as well as the wider U.S. industry. 'Why would they want to sell U.S

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