Did the Grinch Steal Christmas? Or Did U.S. Steel Sell It?
________
Source: Nikkei Asia
U.S. Steel takeover opposition sends wrong message to Japan: analysts
Nippon Steel's $14bn acquisition triggers harsh language against key ally
Nippon Steel's plan to buy U.S. Steel has hit home for lawmakers representing stateswhere the storied American steelmaker is an employer. © Reuters
BY KEN MORIYASU | December 21, 2023
WASHINGTON -- Calls from American lawmakers to block Nippon Steel's acquisition of U.S. Steel have left some observers puzzled over American priorities and the Biden administration's strategy of "friendshoring" supply chains to trusted countries.
"It sends all the wrong messages," Joshua Walker, president and CEO of New York-based Japan Society, said in an interview.
Japan's largest steelmaker said Monday it will buy the smaller U.S. Steel for more than $14 billion in an all-cash deal.
The announcement was met with immediate opposition from the United Steelworkers union, then from members of Congress.
Walker questioned this pushback.
"The future of steel production in the U.S. and Japan is secure with this major investment from Japan to America," he said.
"We can't celebrate Japan as our most important and critical ally and then attack Nippon Steel with the type of xenophobic rhetoric we are seeing," Walker added.
Just last week, the bipartisan House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party, chaired by Rep. Mike Gallagher, had proposed to streamline reviews by the Committee on Foreign Investment in the United States (CFIUS) over deals conducted by companies from allied countries that do not pose substantial national security risks. It specifically suggested Japan be added to the Excepted Foreign States whitelist.
Please go to Nikkei Asia to continue reading.
WASHINGTON -- Calls from American lawmakers to block Nippon Steel's acquisition of U.S. Steel have left some observers puzzled over American priorities and the Biden administration's strategy of "friendshoring" supply chains to trusted countries.
"It sends all the wrong messages," Joshua Walker, president and CEO of New York-based Japan Society, said in an interview.
Japan's largest steelmaker said Monday it will buy the smaller U.S. Steel for more than $14 billion in an all-cash deal.
The announcement was met with immediate opposition from the United Steelworkers union, then from members of Congress.
Walker questioned this pushback.
"The future of steel production in the U.S. and Japan is secure with this major investment from Japan to America," he said.
"We can't celebrate Japan as our most important and critical ally and then attack Nippon Steel with the type of xenophobic rhetoric we are seeing," Walker added.
Just last week, the bipartisan House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party, chaired by Rep. Mike Gallagher, had proposed to streamline reviews by the Committee on Foreign Investment in the United States (CFIUS) over deals conducted by companies from allied countries that do not pose substantial national security risks. It specifically suggested Japan be added to the Excepted Foreign States whitelist.
Please go to Nikkei Asia to continue reading.
________
What's going on in Japan with Daihatsu? Daihatsu was purchased by Toyota in 2016:
Daihatsu offices raided after scandal halts all car shipments
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.