Japanese Prime Minister Shigeru Ishiba has formally requested U.S. President Joe Biden to approve the acquisition of U.S. Steel by Nippon Steel, emphasizing the importance of maintaining strong bilateral relations between the two countries. This appeal comes as the U.S. Committee on Foreign Investment (CFIUS) reviews the deal, which has raised national security concerns regarding the steel supply chain.

Biden has expressed opposition to the takeover, and CFIUS is expected to make a decision in December, with options ranging from approval with conditions to blocking the deal altogether. In a letter dated November 20, Ishiba highlighted Japan’s status as the largest foreign investor in the U.S., urging for continued investment to benefit both nations.

CFIUS had previously indicated potential risks associated with the acquisition, prompting an extended review period. As Nippon Steel navigates this process, it faces increased import duties on its hot-rolled steel products in the U.S., following a recent decision by the Department of Commerce.