Japan Mulls Aid for Nippon Steel after Biden Blocks Deal

Tokyo, Jan. 6 (Jiji Press)--Japanese industry minister Yoji Muto said Monday that the government will consider measures to support Nippon Steel Corp. after U.S. President Joe Biden decided to block the company's acquisition of United States Steel Corp.

"The government should consider what kind of concrete support it can provide," Muto told a press conference.

"The economy is part of the foundation (of Japan-U.S. relations)," the minister stressed. "It's extremely important to create an environment in which companies can make investment decisions with peace of mind."

He revealed that the Japanese side has already conveyed its concerns about Biden's decision to the U.S. government.

Nippon Steel's acquisition plan is "believed to be profitable for both countries, and there have been voices of support from the U.S. Steel labor side," Muto noted.

[Copyright The Jiji Press, Ltd.]