(7 Jan 2025)
RESTRICTION SUMMARY:
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ASSOCIATED PRESS
Tokyo – 7 January 2025
1 . Various of Nippon Steel CEO Eiji Hashimoto ahead of news conference
2. SOUNDBITE (Japanese) Eiji Hashimoto, CEO of Nippon Steel:
"(US) President (Joe) Biden announced his decision to block the acquisition of U.S. Steel, this case is of the highest importance for our business strategy. Not only that – I strongly believe beneficial for both nations.”
3. Cutaway of reporter’s computer
4. SOUNDBITE (Japanese) Eiji Hashimoto, CEO of Nippon Steel:
"We won’t easily give up since we were convinced that there is no other effective way other than this. We invested hundreds of billions of yen and additional for capital investment. There is no reason or need to give up."
5. Cutaway of camera operator
6. SOUNDBITE (Japanese) Eiji Hashimoto, CEO of Nippon Steel:
"Nippon Steel and US Steel are focused on pushing through the initial plan so at this stage there are no alternatives."
7. Wide of news conference
8. Pull-focus of Nippon Steel’s company logos
ASSOCIATED PRESS
ARCHIVE: Clairton, Pennsylvania – 13 October 2024
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9. Various drone shots of the U.S. Steel Mon Valley Works Clairton, a coking factory outside of Pittsburgh
STORYLINE:
Nippon Steel was standing firm on its proposed $15 billion acquisition of U.S. Steel, Chief Executive Eiji Hashimoto said Tuesday after President Joe Biden’s blocked the top Japanese steelmaker’s move.
"There is no reason or need to give up,” he told reporters at company headquarters in Tokyo.
While acknowledging the effort may take time, he stressed the companies’ latest legal action in the U.S. was a key development.
Nippon Steel Corp. and U.S. Steel filed federal lawsuits Monday challenging the Biden administration’s decision as ignoring “the rule of law.”
In separate lawsuits in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers challenged the Biden administration’s move, noting the acquisition will “enhance, not threaten, United States national security.”
In blocking the transaction Friday, Biden said U.S. companies producing steel need to “keep leading the fight on behalf of America’s national interests.”
Proponents of the takeover, which surfaced more than a year ago, say Japan is a U.S. ally, as well as a top investor in American companies.
They also argue Nippon Steel and U.S. Steel coming together makes for a viable force in an industry now dominated by the Chinese, creating jobs and economic impact of up to $1 billion.
Hashimoto reiterated that Nippon Steel and U.S. Steel were “united as one” in wanting the deal. They both feel Biden’s decision is unlawful and invalid, and hope to win understanding for their effort, he told reporters.
The U.S. market remains a key part of Nippon Steel’s global strategy, said Hashimoto.
U.S. Steel Corp. has accused the Biden administration of interference.
“We will vigorously defend our rights to complete this transaction and secure the future of U.S. Steel,” the Pittsburgh-based manufacturer said in a recent statement.
Japanese Prime Minister Shigeru Ishiba also supports the deal, denying any security concerns.
Biden leaves the White House on Jan. 20, but incoming President Donald Trump also opposes the acquisition.
The Committee on Foreign Investment in the United States reviewing the deal earlier didn’t reach a consensus on possible national security risks.
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