Nippon Steel has no intention or need to give up on U.S. Steel: CEO

TOKYO -- Nippon Steel Chairman and CEO Eiji Hashimoto said Tuesday the company would continue to fight for a successful buyout of U.S. Steel as it has filed lawsuits against the U.S. government as well as rival steel company Cleveland-Cliffs, its CEO and the president of the United Steelworkers (USW) labor union.

"In a truly baffling act, Cleveland-Cliffs and its CEO worked with the [USW] and, using the union's enormous political power, lobbied Biden," Hashimoto said at a news conference in Tokyo. "Biden responded, of all things, and due to Biden's unlawful political intervention, a presidential order was issued without an appropriate review" by the Committee on Foreign Investment in the United States (CFIUS).