'From the outset of the process, both Nippon Steel and U. S. Steel have engaged in good faith with all parties to underscore how the Transaction will enhance, not threaten, United States national security, including by revitalizing communities that rely on American steel, bolstering the American steel supply chain, and strengthening America's domestic steel industry against the threat from China,' the companies said in a prepared statement Monday.
'Nippon Steel is the only partner both willing and able to make the necessary investments.' This statement underscores Nippon Steel's commitment to the U.S. steel industry and its potential to positively impact the American economy.
'A strong domestically owned and operated steel industry represents an essential national security priority.... Without domestic steel production and domestic steel workers, our nation is less strong and less secure,' said Biden in defense of blocking the merger.
'This is the first time a U.S. president has blocked a merger between a U.S. and Japanese firm,' highlighting the unique nature and implications of this decision in U.S.-Japan trade relations.
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