The chief executive of Nippon Steel has warned that tariffs alone would not create a stronger American steel industry, as he pursued legal action aimed at persuading Donald Trump’s incoming administration to launch another review of his proposed $15bn deal to buy US Steel.
In his first public appearance since President Joe Biden blocked the takeover last week, Eiji Hashimoto told reporters in Tokyo that the combination would enhance US national security by creating a stronger company.
“We don’t think there is any other route that can strengthen the US steel industry more than this deal,” he said. “We never think that industry can become stronger through tariffs alone.”
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