However, the incoming president, who made the reconstruction of the US producing bottom a top priority for his management, announced on Friday that he was halting the acquisition because it posed a threat to national security.
Both businesses and Tokyo were harsh critics of the statement.
The companies said the body reviewing the deal, the Committee on Foreign Investment in the United States ( CFIUS) “failed to conduct a good faith, national security-focused regulatory review process”.
The producers are asking the courts to mandate a new investigation into the proposed consolidation.
Shigeru Ishiba, the prime minister of Japan, urged Washington on Monday to address worries that Biden’s blockade of the deal might have an effect on upcoming purchases.
The deal was a prominent factor of the 2024 presidential plan, given US Steel’s ties to Pennsylvania, a politically important battle position and cradle of the British steel industry.
Nippon Steel vice president Takahiro Mori said in an interview with the Nikkei business regular that his company” will never again down after being treated excessively.” We’ll battle it out for dear life.
The CFIUS review process “lacked integrity”, he said, adding that” the decision was left to the president ( Biden ) without any substantive consultation” with the companies.