International Steel Mills

Japanese PM cites 'unjust political interference' in Nippon/USS deal: Report
Written by Ethan Bernard
February 17, 2025
Japan’s Prime Minister Shigeru Ishiba said on Monday that former President Joe Biden’s decision to block Nippon Steel’s buy of U.S. Steel was “unjust political interference,” according to a report in Reuters.
This comes after another Reuters report on Friday saying that President Trump would not object to Nippon taking a minority stake in the Pittsburgh-based steelmaker.
(Recall that President Trump has long been opposed to the sale of U.S. Steel to Japanese steelmaker Nippon.)
However, a Bloomberg article claimed that both USS and Nippon were “blindsided” by the president’s comments regarding the minority stake.
The companies have remained committed to saving the nearly $15-billion deal.
Ongoing lawsuits
These latest twists and turns come as two lawsuits brought by Nippon/USS are proceeding in the US.
The opening brief in the Nippon/USS lawsuit against the US government was filed earlier this month.
It laid out the allegation that President Biden’s decision was motivated by “political” considerations.
Additionally, that the Committee on Foreign Investment in the US (CFIUS) review was not carried out in good faith.
A second lawsuit targets Cleveland-Cliffs’ Chairman, President, and CEO Lourenco Goncalves, as well as United Steelworkers (USW) International President David McCall.
Nippon/USS claim Cliffs and the USW illegally coordinated to undermine the USS/Nippon deal.
Both Cliffs and the USW filed motions earlier this month to have that case dismissed.
This all comes under the backdrop of a June deadline to unwind the deal. Before leaving office, the Biden administration extended that deadline until June 18.
A spokesperson for Nippon declined to comment for this article.

Ethan Bernard
Read more from Ethan BernardLatest in International Steel Mills

Global steel mill output steady through May
Global raw steel production rose 2% from April to May, slightly above average production levels seen in recent months, according to data recently released by the World Steel Association (worldsteel).

Trump says US government to control 51% share in USS
President Trump says the US government will hold a 51% stake in U.S. Steel after the Nippon deal.

USS, Nippon Steel quiet as litigation deadline approaches
There has been little word from U.S. Steel, Nippon Steel, or the White House since President Trump endorsed the companies’ “partnership” on social media and celebrated it at the May 30 rally outside Pittsburgh.

Ternium’s Vedoya named AIST’s Steelmaker of the Year
Maximo Vedoya was awarded in recognition of Ternium’s expansion project in Pesquería, Mexico, and Ternium’s efforts to decarbonize steelmaking.

CRU: Baosteel hints at output cuts in China
Baosteel exec comments on market rumors of 50 million tons of output being cut this year, less than 0.5% of the 1 billion tons-plus China has produced annually in recent years.