Tokyo regrets decision to block US Steel acquisition

Japan's industry minister said US President Joe Biden's decision to block Japanese steel giant Nippon Steel from acquiring US steel giant US Steel was "regrettable and incomprehensible". Japan's Minister of Economy, Trade and Industry Yuji Muto said in a statement that "it is incomprehensible and regrettable that the Biden administration would make such a decision due to concerns about national security". "The Japanese government has no choice but to view this matter with concern", he added. On Friday, Biden announced that he would block Nippon Steel from acquiring US Steel, citing concerns about US national security. According to the outgoing president, this merger, which has sparked economic and political controversy in both countries for a year, "would put one of America's steel producers under foreign control and pose risks to our national security and vital supply chains". The United States is the world's largest importer of steel, a sector largely dominated by China.