Japan’s industry minister said that preventing US President Joe Biden from banning the Japanese giant Nippon Steel from acquiring the US steel giant is a “regrettable and incomprehensible” decision.
Japan’s Minister of Economy, Trade and industry, Yuji Muto, said in a statement that it was “incomprehensible and regrettable that the Biden government would make such a decision due to national security concerns”.
“The Japanese government has no choice but to look at this with concern, “he added.
On Friday, Biden announced that he would prevent “Nippon Steel “from acquiring” US steel”, justifying his decision with concerns for the national security of the United States.
Risks to national security
According to the outgoing president, this merger, which has been causing economic and political controversy in both countries for a year, “would put one of the American steel producers under foreign control and pose risks to our national security and vital supply chains”.
The United States is the world’s largest importer of Steel, a sector largely dominated by China.
