We are deeply disappointed by President Biden's decision to block Nippon Steel's acquisition of U.S. Steel.

This acquisition was expected to sustain and strengthen the domestic steel production base, a cornerstone of vital social infrastructure and industry in the United States, while also supporting the labor force that underpins this critical sector.

Despite Japan's status as the United States' largest investor and an indispensable ally, the decision was made on the grounds of economic security. We are concerned about the potential impact this decision may have on future Japanese investment in the United States and on broader Japan-U.S. economic relations.

We urge the U.S. government to take appropriate steps to address and mitigate these concerns.