Share this @internewscast.com

TOKYO — Japan’s largest steelmaker defended its proposed acquisition of U.S. Steel on Friday as a way to strengthen “American supply chains and economic defenses against China,” a day after President Joe Biden came out against the deal.

Nippon Steel said it was determined to complete the $14 billion takeover agreed to in December, which has raised concerns about the implications for union workers, supply chains and U.S. national security.

“Through increased financial investment and the contribution of our advanced technologies to U.S. Steel, Nippon Steel will advance American priorities by driving greater quality and competitiveness for customers in the critical industries that rely on American steel while strengthening American supply chains and economic defenses against China,” the Tokyo-based company said in a statement.

“No other U.S. steel company on its own can meet this challenge while also meeting antitrust requirements,” it added.

The company said that under its proposal, there would be no layoffs or plant closures as a result of the transaction.

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

“It is important that we maintain strong American steel companies powered by American steel workers,” he said in a statement released by the White House. “I told our steel workers I have their backs, and I meant it.”

“U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated,” he added.

The United Steelworkers union welcomed Biden’s remarks.

“Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defense and critical infrastructure needs,” David McCall, the president of United Steelworkers International, said in a statement.

Asked about Biden’s remarks on Friday, Japanese Chief Cabinet Secretary Yoshimasa Hayashi declined to comment on matters concerning the management of individual companies.

He added that the U.S.-Japan alliance “has never been stronger” and that the two countries will continue to work closely together “to achieve sustainable and inclusive economic growth in the Indo-Pacific region and to maintain and strengthen a free and open economic order.”

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

Share this @internewscast.com
You May Also Like
NYC gunman Shane Tamura leaves NFL employee wounded in 345 Park Ave shooting

Gunman Shane Tamura injures NFL staffer in shooting at 345 Park Ave in NYC

An NFL employee is among the wounded in Monday’s deadly shooting inside…
Ozzy Osbourne revealed one condition for his funeral before death at 76

Ozzy Osbourne Sets a Specific Rule for His Funeral Arrangements Before Passing at 76

Legendary rocker Ozzy Osbourne said he didn’t want his funeral to be…
Photo of Thais Bonatti.

Tragic Accident: Female Comedian Dies After Being Struck by Truck Driven by Ex-Judge with Nude Passenger

A young comedian tragically lost her life in a terrible accident when…
NYPD officers at a New York City shooting scene.

Police Officer Critically Injured and One Other Hurt in Terrifying NYC Shooting Near Office Building

AN active shooter unleashed chaos in broad daylight in the heart of…
BREAKING: Leading Israeli Rights Groups Accuse Israel of Gaza Genocide

Israeli Human Rights Organizations Accuse Israel of Genocide in Gaza

Two of Israel’s most prominent human rights organizations, B’Tselem and Physicians for…
Youngsters' firepower poses tricky trade deadline call for Mets

Youthful Talent Forces Difficult Trade Deadline Decision for Mets

SAN DIEGO — Since the All-Star break, the standout narrative for the…
Malnourished child held by a woman.

Trump Unveils Secret ‘Plan’ with Israel to Stop Gaza Conflict and Introduces Efforts to Provide Aid to Civilians Used by Hamas

DONALD Trump has spoken of a mystery plan with Israel to end…
Man walking on a plaza carrying a long object.

5 Unresolved Questions in New York Shooting: Gunman Crosses States to Attack Manhattan Office, Killing 4 but Spares Woman Exiting Elevator

Eerie uncertainties have surfaced after a shooter traveled cross-country to launch an…
Texas local official caught mocking DHS secretary as 'Homeland Barbie' after deadly floods

Texas Local Official Mocks DHS Secretary as ‘Homeland Barbie’ Following Fatal Flooding

City officials in Kerrville were caught off guard by the severe flooding…
Photo of Clinton David Brink and Cristen Amanda Brink.

Tragic Final Hours of Parents Who Sacrificed Their Lives to Save Their Daughters Shortly After Relocating for a Fresh Start

The couple who lost their lives while shielding their young daughters during…
Sailboat sinks near Miami Beach after crash with barge, leaving 6 hospitalized

Six Hospitalized After Sailboat and Barge Collision Near Miami Beach

Six people were pulled from the water near Star Island in Miami…
Mugshot of Bradford Gille, accused of stabbing 11 people.

Walmart Stabbing Suspect Randomly Attacked Shoppers, Witness Recalls Horrifying Scene

DISTURBING details about the homeless man who allegedly prowled through a Walmart…