US Steel To Stay American Regardless Of Nippon Steel Plans: Ishiba

TOKYO, Feb 9 (Bernama-Kyodo) -- Japanese Prime Minister Shigeru Ishiba said Sunday that United States Steel Corp. will remain an American company regardless of how Japan's Nippon Steel Corp. proceeds, after his summit with US President Donald Trump in Washington, Kyodo News reported.

Ishiba's remarks followed Trump's surprising and confusing statement on Friday that Nippon Steel will no longer seek full ownership but will instead "invest heavily" in the struggling US producer. The specifics of the plan, however, are unclear.

"There is a saying that steel is the nation," Ishiba, who held his first in-person summit with Trump on Friday, said on a TV programme, adding he believes Trump is "worried" about a major US firm being acquired by Japan.

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Regarding other bilateral matters, Ishiba, who took office in October, said Trump did not ask Japan to increase its defense budget. Ishiba also said he told Trump that Tokyo "cannot accept negotiations that treat North Korea as a nuclear power."

Ishiba said Trump expressed a strong desire to visit Japan during their meeting, adding the timing should be "the most appropriate" and that both governments will "coordinate thoroughly down the road."

Nippon Steel's plan to take over US Steel has drawn strong opposition from both Trump and his predecessor Joe Biden.

Founded in 1901, US Steel was once a symbol of American economic strength but has struggled to compete with foreign rivals.

Biden's blocking of the US$14.1 billion deal in early January, citing national security concerns, prompted the two companies to file lawsuits to overturn his decision. Nippon Steel, the world's fourth-biggest producer, and US Steel announced the plan in December 2023.

-- BERNAMA-KYODO