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

Authorities Identify Caitlin Hodges, Missing Woman from Crystal Lake, Illinois, Last Seen in Goldsboro, North Carolina

GOLDSBORO, N.C. — There are still many questions Jennifer Allio and her…

Security Camera Captures Burglary at The R.O.C.K. Exchange Resale Boutique in McKinley Park, Chicago; Four Additional Businesses Also Hit

CHICAGO (WLS) — A business break-in on the city’s Southwest Side was…

Chicago resident Katie Wilson marks her 100th birthday, continuing to reside in her Morgan Park birthplace

CHICAGO (WLS) — There was a 100th birthday celebration Sunday in the…

Earth Day 2025: Simple Ways to Discuss Climate Change with Children, Get Ready for Illinois Weather Disasters and More

CHICAGO (WLS) — Tuesday is Earth Day. The first observance was April…

Lil Durk Seeks Dismissal of Alleged Murder-for-Hire Case Linked to Quando Rondo Incident and King Von’s Death

CHICAGO (WLS) — Chicago rap star Lil Durk is pushing to have…

Arson Suspect’s 911 Call from Pennsylvania Gov. Josh Shapiro’s Home Released

Less than an hour after he allegedly firebombed the Pennsylvania governor’s mansion,…

National Geographic’s ‘Secrets of the Penguins’ Explores New Depths with Explorer Bertie Gregory

LOS ANGELES — In celebration of Earth Month, National Geographic is giving…

Lawsuit Challenges Trump’s Immigration Policies Targeting International Students

WASHINGTON — A class action lawsuit filed Friday asks a federal court…

Ukrainian Leader Zelenskyy Claims Russia Falsely Signals Ceasefire Amid Ongoing Attacks

KYIV, Ukraine — Ukrainian President Volodymyr Zelenskyy accused Russia on Sunday of…

Pope Francis Delivers Easter Sunday Blessing Following Meeting with JD Vance at the Vatican

ROME and LONDON — Pope Francis appeared on Sunday in St. Peter’s…

Military and Overseas Voter Issues Highlighted in North Carolina Supreme Court Race Between Allison Riggs and Jefferson Griffin

RALEIGH, N.C. — Almost six months later, and the North Carolina Supreme…