Nippon Steel CEO reaffirms commitment to acquire U.S. Steel after filing lawsuit against Biden administration.

• On Tuesday, Nippon Steel's CEO reiterated that the company will not abandon its acquisition of U.S. Steel, despite the Biden administration blocking the merger the previous day and resulting in a lawsuit.
• Eiji Hashimoto, chairman and CEO of Nippon Steel, stated in a press conference that there is no reason or need to give up on the takeover, and that they simply cannot accept it.

On Tuesday, Nippon Steel's CEO restated that the company was not abandoning its acquisition of U.S. Steel, despite the Biden administration blocking the merger the previous day and resulting in a lawsuit.

The Biden administration's decision to block Nippon Steel's $14.9 billion acquisition of the American steelmaker has led to two lawsuits being initiated by U.S. Steel and Nippon Steel on Monday.

The two companies stated in a lawsuit that they were confident in the deal's success in securing the future of U.S. Steel and emphasized their right to pursue the merger.

On Tuesday, at a press conference, Nippon Steel's chairman and CEO Eiji Hashimoto reiterated his stance.

Hashimoto stated at the press conference that there is no reason or need to give up on the takeover, and we simply cannot accept it.

Hashimoto stated that he would not abandon his plans to expand in the U.S. and was only considering the company's current pursuit of U.S. Steel.

On Friday, Biden prevented Nippon Steel from purchasing U.S. Steel, upholding his commitment to maintain an American-owned industrial name that has existed for over a century.

Both companies have approached the federal court to overturn Biden's decision.

On Monday, both parties asserted that Biden impacted the CFIUS's decision, which assesses foreign investments for potential national security risks, and violated the companies' right to a fair evaluation.

The companies claimed that President Biden's excessive influence hindered the Committee on Foreign Investment in the United States from conducting a thorough, national security-centered review process.

The White House did not immediately respond to CNBC's request for comment.

Nippon Steel will inform the new U.S. administration about how acquiring U.S. Steel would benefit both the company and the broader U.S. industry, as stated by Hashimoto.

On various occasions, President Donald Trump has pledged to prevent Nippon Steel from acquiring U.S. Steel.

What is the reasoning behind selling U.S. Steel now, when tariffs will increase its profitability and value? Trump shared this on Truth Social on Monday.

The primary reason for the collapse of the Nippon Steel/US Steel merger was political, according to CreditSights analysts in a report following the lawsuits. They highlighted that the timing of the transaction was unfavorable for Nippon Steel, as it occurred during a presidential election year.

While the CFIUS expressed reservations, it did not offer a formal recommendation on whether the takeover should proceed or not.

Last week, Nippon Steel proposed granting the U.S. government the right to block any cuts to U.S. Steel's production capabilities.

Shares of Nippon Steel fell 1.74% during Japanese trading hours.