Wed. Jul 24th, 2024

A US senator wants Biden to investigate Nippon Steel’s ties to China.

By triji Apr 3, 2024
News

On Tuesday, the chairman of the United States Senate Banking Committee requested that the White House conduct a comprehensive investigation into the relationship between Nippon Steel and China’s steel sector.

He cited concerns over national security in the context of resistance from both parties in Congress to the $14.9 billion deal that the Japanese corporation is attempting to acquire US Steel Corp.

“As you review this agreement, I urge you to thoroughly investigate the allegations raised in this report and examine the ties between Nippon Steel and the Chinese government, as well as the danger this merger poses to national security and the economy of the United States,” Sherrod Brown, a Democrat from Ohio who chairs the Senate panel, said in a letter to Mr. Biden. Brown sent the letter to Mr. Biden.

Neither Nippon Steel nor the White House were able to provide an immediate comment.

Mr. Brown, who is running for re-election in the election that will take place on November 5th, stated that Nippon Steel had secured an agreement in 1978 to construct the “first fully modern steel complex” in China. He quoted a source that stated that Nippon Steel manages nine sites in China.

“Nippon Steel’s connection to China’s steel ecosystem and industrial policy agenda has concerning implications regarding links to China’s military-civilian fusion strategy and its quest for global economic power.” , according to the letter that Mr. Brown submitted.

In light of the fact that the White House views steel as an essential component of national security, Vice President Joe Biden stated a month ago that US Steel must continue to operate as a domestic corporation. In the event that he is victorious in the presidential election that will take place on November 5, his opponent, former President Donald Trump, has pledged to thwart the accord.

Together with the United Steelworkers of America, a significant number of lawmakers from the Midwest, including Mr. Brown, are opposed to the arrangement.

Nippon Steel asserts that it is able to assist in the expansion of US Steel.

According to Tadashi Imai, president of Nippon Steel, who spoke with reporters the previous week, “What American politicians are concerned about is jobs and the possibility of US Steel becoming an iconic American company in the United States.” Last week, Imai made this statement. The author of this piece is Paul Simao, and David Shepardson is the reporter.

As reported by Reuters on April 2nd, Washington/Tokyo As a result of the bipartisan opposition in Congress to the Japanese company’s $14.9 billion deal to acquire U.S. Steel Corp (X.N), the head of the United States Senate Banking Committee urged the White House on Tuesday to investigate the relationship between Nippon Steel and the Chinese steel industry. He cited national security concerns as the reason for his request.

“As you examine this deal, I urge you to thoroughly investigate the allegations raised in this report and examine Nippon’s ties to the Chinese government and the danger this merger poses to American national and economic security,” Sherrod Brown said in a letter to Vice President Joe Biden, citing a report that was published in April by Horizon Advisory, which opens a new tab.

According to a statement released by Nippon Steel, Horizon’s assessment was “rife with inaccuracies and misrepresentations.” Additionally, the company stated that its operations in China were “very limited,” and that they accounted for less than 5% of its total production capacity worldwide.

A comment from the White House was not immediately forthcoming. The request for comment that was sent to Horizon Advisory was not immediately met with a response.

Nippon has a long-standing history of helping the formation of China’s steel sector, according to the research published by Horizon. Additionally, the report stated that Nippon managed nine facilities in China, either in their entirety or in part, and that it had active joint ventures with a variety of Chinese state-backed steel companies.

“Nippon’s connection to the Chinese steel ecosystem and industrial policy agenda has concerning implications regarding ties to China’s military-civil fusion strategy and quest for global economic power,” mentioned Brown, a Democrat from Ohio who is competing for another term in the elections that will take place on November 5.

According to Nippon Steel, the entities in which it invests in China do not have any authority over its activities or commercial choices outside of China. Furthermore, the company has stated that its Chinese partners do not have any access to information regarding Nippon Steel’s operations outside of China, including information regarding its research and development and engineering divisions.

The White House considers steel to be an essential component of national security, and Vice President Biden stated a month ago that U.S. Steel ought to continue to be owned by US citizens. In the event that he is victorious in the presidential election that will take place on November 5, his opponent, former President Donald Trump, has pledged to thwart the accord.

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By triji

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