Japan’s top business lobby is calling for fairness in the review of Nippon Steel Corp’s plan to acquire United States Steel Corp, as the Biden administration is reportedly on the verge of blocking the deal ahead of the presidential election on Nov 5. The Japan Business Federation expressed its concerns in a rare statement, emphasizing the importance of conducting the review process with integrity and fairness in accordance with the law.
The proposed buyout has generated significant interest among Japanese companies looking to invest in the United States. However, U.S. Vice President Kamala Harris, along with former President Donald Trump and his running mate JD Vance, have opposed the acquisition, with Harris stressing the importance of U.S. Steel remaining domestically owned and operated.
The city of Pittsburgh, where both U.S. Steel and the United Steelworkers union are headquartered, plays a crucial role in this debate as a key battleground state of Pennsylvania. The decision on this deal could have far-reaching implications for Japanese investment in the U.S. steel industry.
© KYODO
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