Nippon Steel Chief Executive Eiji Hashimoto says the top Japanese steelmaker is standing firm on its proposed acquisition and poses no security risks.

Mr. Biden says he blocked the $14 billion takeover of U.S. Steel by Japan's Nippon Steel on the grounds the sale was a threat to national security.

U.S. Steel and Japan’s Nippon Steel sued the United States government on Monday in a last-ditch attempt to revive their attempted merger after President Biden blocked it last week on the basis that the transaction posed a threat to national security.