两家公司在诉讼附带的一份声明中表示，他们仍然相信这笔交易是“确保美国钢铁未来的最佳途径”，并强调他们有权进行合并。① Eiji Hashimoto, chairman and CEO of Japanese steel giant Nippon Steel, announced on Tuesday that the company will not give up on the acquisition of American Steel; ② He stressed that he will never give up expanding his business in the US and will not consider any other plans other than the acquisition of American Steel; ③ A day ago, Nippon Steel sued the Biden administration to block the proposed merger.
Financial Services Agency, January 7 (Editor Bian Chun) Hashimoto Eiji, chairman and CEO (CEO) of Japanese steel giant Nippon Steel, announced twice last week that the company would not give up on the acquisition of American Steel. A day ago, Nippon Steel sued the Biden administration to block the proposed merger.
American Steel and Nippon Steel filed a lawsuit on Monday accusing US President Joe Biden, the president of the Federation of Steel Workers (USW), and the CEO of a rival company colluded to disrupt the merger plans of the two companies and requested the federal court to reverse Biden's decision.
The two companies said in a statement accompanying the lawsuit that they still believe the deal is “the best way to secure the future of American Steel,” and emphasized their right to a merger.
At a press conference on Tuesday, Eiji Hashimoto strengthened this position.
“There's no reason and no need to give up (the takeover). We simply can't accept it.” Hashimoto Eiji said. He stressed that he will never give up expanding his business in the US and will not consider any other plans other than the acquisition of American Steel.
On Friday, Biden officially blocked Nippon Steel's acquisition of American Steel, fulfilling his previous promise to defend America's ownership of American Steel, an industrial enterprise with a history of more than 100 years.
In statements issued on Monday, both companies claimed that Biden influenced the US Committee on Foreign Investment (CFIUS) decision and violated its right to an impartial review. CFIUS is responsible for evaluating whether foreign investment poses a potential threat to US national security.
“CFIUS failed to conduct a real, national-security-focused regulatory review process due to President Biden's improper influence to advance its political agenda.” The two companies said.
Eiji Hashimoto also said that Nippon Steel will explain to the new US government how this acquisition will strengthen US steel and the broader US industry.
US President-designate Donald Trump has also vowed on various occasions to block Nippon Steel's plans to buy American Steel. Trump said on Monday that tariffs will make US Steel a more profitable and valuable company.
CreditSights analysts pointed out in a report after the lawsuit occurred that the real reason behind the failure of the merger between Nippon Steel and US Steel was mainly political. They stressed that since the deal began in the presidential election year, the timing of the deal was “unfavorable” for Nippon Steel.
