Japanese PM asks Biden to allay concerns over Nippon Steel-U.S. Steel deal

Japanese Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel's planned acquisition of U.S. Steel.

Ishiba made the request in a three-way online meeting with Biden and Philippine President Ferdinand Marcos Jr. on Monday, according to a spokesman from Japan's Ministry of Foreign Affairs.

"Prime Minister Ishiba pointed out that cooperation among allies and like-minded countries is indispensable for establishing resilient supply chains, and that it is important to make efforts to ensure that companies can invest with peace of mind in order to promote economic security," he added.

The spokesman confirmed that Ishiba mentioned the Nippon Steel-U.S. Steel deal in particular.

"I said that strong voices of concerns are being raised not just in Japan but also in the U.S. business community, and I urged (Biden) to dispel these feelings," Ishiba told reporters after his meeting with Biden and Marcos.

The Biden administration has delayed until June 18 an order for Nippon Steel to abandon its $14.9 billion bid for U.S. Steel, both steel companies said on Saturday, after the president earlier blocked the acquisition on national security grounds on January 3.

Both firms have launched legal action, accusing the outgoing U.S. president of "illegal interference."

(With input from agencies)