Japan "Difficult to Understand... Regrettably" Not Deciding "No Acquisition of US Steel"

The Japanese government says it is difficult to understand and regret that U.S. President Joe Biden has refused to allow Japan Steel to acquire U.S. steelmaker U.S. Steel.

Japan's Economy, Trade and Industry Minister Yoji Muto said it was hard to understand that the decision was made due to national security concerns and that he would demand an explanation for the decision.

He also said he thought Japan Steel's acquisition of US Steel was beneficial to both countries, stressing that there are strong concerns in the business community of both countries about future investments between the U.S. and Japan.

In a joint statement, Japan Steel and US Steel also criticized the decision as clearly a political judgment and pointed out that treating its ally Japan like this is shocking and very concerning.