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US-JAPAN: RTRS-Ishiba Asks Biden In Letter To Approve Nippon Steel-US Steel Deal

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Reuters reports that according to its sources, Japanese PM Shigeru Ishiba sent a letter to US President Joe Biden on 20 November calling for the president to approve Nippon Steel's acquisition of US steel. The letter says the deal should be approved in order to avoid damaging recent efforts to further bolster relations between the two allies, saying that the failure of the deal could 'cast a shadow over Biden's achievements in strengthening the US-Japan alliance'. According to two people familiar with the matter, Isihba said in the letter that the deal 'will enable Japanese and US steel companies to combine advanced technologies and raise competitiveness'. 

  • A review of the UD15bn takeover is being conducted by the Committee on Foreign Investment in the United States (CFIUS) after a referral from Biden. The CFIUS assessment is due to be published in December, with the main outcomes either being an approval of the deal (potentially with conditions), a recommendation to Biden to block the deal, or an extension of the review.
  • The deal has become a hot-button issue in US politics, with both Biden and Trump coming out against the takeover during the election campaign in one of the few bipartisan points of agreement. Since the election a group of House Republicans have demanded the preservation of docs related to the sale, claiming the prospect of 'political interference' in the process.
  • Prior to his election in September, Ishiba said the prospect of the deal being halted on national security grounds was 'very unsettling' given Japan's position as a close US ally. 

 

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Reuters reports that according to its sources, Japanese PM Shigeru Ishiba sent a letter to US President Joe Biden on 20 November calling for the president to approve Nippon Steel's acquisition of US steel. The letter says the deal should be approved in order to avoid damaging recent efforts to further bolster relations between the two allies, saying that the failure of the deal could 'cast a shadow over Biden's achievements in strengthening the US-Japan alliance'. According to two people familiar with the matter, Isihba said in the letter that the deal 'will enable Japanese and US steel companies to combine advanced technologies and raise competitiveness'. 

  • A review of the UD15bn takeover is being conducted by the Committee on Foreign Investment in the United States (CFIUS) after a referral from Biden. The CFIUS assessment is due to be published in December, with the main outcomes either being an approval of the deal (potentially with conditions), a recommendation to Biden to block the deal, or an extension of the review.
  • The deal has become a hot-button issue in US politics, with both Biden and Trump coming out against the takeover during the election campaign in one of the few bipartisan points of agreement. Since the election a group of House Republicans have demanded the preservation of docs related to the sale, claiming the prospect of 'political interference' in the process.
  • Prior to his election in September, Ishiba said the prospect of the deal being halted on national security grounds was 'very unsettling' given Japan's position as a close US ally.