Nippon Steel "Will Never Give Up" on U.S. Steel Takeover: CEO

Tokyo, Jan. 7 (Jiji Press)--Nippon Steel Corp. "will never give up" on its acquisition of United States Steel Corp., Eiji Hashimoto, chairman and CEO of the Japanese steelmaker, said Tuesday.

"There's no reason to give up," Hashimoto told a news conference at Nippon Steel's headquarters in Tokyo.

On Monday, Nippon Steel and U.S. Steel said they have jointly filed a lawsuit demanding that U.S. President Joe Biden nullify his order to block the Japanese company's proposed takeover of U.S. Steel.

"(Biden's) illegal political intervention resulted in the presidential decision," Hashimoto said. "We have a chance to win the case."

Hashimoto explained that the deal will be "extremely beneficial to Japan and the United States" and will help strengthen their national security.

[Copyright The Jiji Press, Ltd.]