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Nippon Steel shares closed down 0.75% at 3,158 yen ($20.03) on Monday, compared with a 1% fall in broader Topix index. They settled at 3,182 yen on Dec. 30, the final trading day of 2024 on the Tokyo Stock Exchange, which was closed for the remainder of last week for the New Year holiday.

The usually reticent ally is making it clear that it will not go quietly in its fight to overturn President Biden’s decision to block Nippon Steel’s $14.1 billion takeover bid of U.S. Steel, with Prime Minister Shigeru Ishiba warning this week that the rejection could have real consequences for the bilateral relationship,

Japanese companies needing to grow have sought out American deals. Experts say that will not change even after Biden’s rejection of Nippon Steel’s takeover attempt.

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.

U.S. President Joe Biden's decision to block Nippon Steel's $14.9 billion bid for U.S. Steel casts a shadow over Secretary of State Antony Blinken's visit to Japan on Tuesday for farewell meetings with Washington's most important ally in Asia.

The foreign ministers of Japan and the United States said their countries' ties were stronger than ever on Tuesday, even after Japan's prime minister called U.S. President Joe Biden's decision to block Nippon Steel's $14.

The companies condemned the president's decision and hinted at taking legal action, while U.S. Steel's CEO accused Biden of "political corruption."

Japan’s Nippon Steel emphasized that it is not giving up on its takeover of U.S. Steel, a day after suing the Joe Biden administration over blocking the proposed merger.

U.S. President Joe Biden’s decision to reject a bid by Nippon Steel to acquire U.S. Steel on national security grounds isn’t the first time friction over trade and investment has irked Washington’s closest ally in Asia.

President Biden has blocked a deal between U.S. Steel and Japan's Nippon Steel that could impact the relationship with the American ally and have global economic repercussions. CBS News' Nicole Sganga has more.