Nippon Steel stands firm on a US Steel takeover and denies risks cited by Biden [Video]

Nippon Steel was standing firm on its proposed $15 billion acquisition of U.S. Steel, Chief Executive Eiji Hashimoto said Tuesday after President Joe Biden’s blocked the top Japanese steelmaker’s move.”There is no reason or need to give up,” he told reporters at company headquarters in Tokyo. “We are convinced it’s clearly beneficial for both nations.”While acknowledging the effort may take time, he stressed the companies’ latest legal action in the U.S. was a key development. Nippon Steel Corp. and U.S. Steel filed federal lawsuits Monday challenging the Biden administration’s decision as ignoring “the rule of law.”In separate lawsuits in the U.S. Court of Appeals for the District of Columbia and the U.S. District Court for the Western District of Pennsylvania, the steelmakers challenged the Biden administration’s move, noting the acquisition will “enhance, not threaten, United States national security.”In blocking the transaction Friday, Biden said U.S. companies producing steel need to …