A bizarre press conference held this Monday by Lourenco Goncalves, CEO of Ohio-based steelmaker Cleveland Cliffs, further underscored the imprudence of President Joe Biden’s move to nix Tokyo-based Nippon Steel’s acquisition of U.
US Steel and Nippon, whose $14.3 billion merger was blocked by President Joe Biden last week, filed a lawsuit against the US government Monday, claiming Biden’s executive order to bar the companies from combining was signed for “purely political reasons.
The CEO of American-owned and operated Cleveland Cliffs says he’s putting in a bid to buy U.S. Steel. He says it’s not a matter of if, but rather when.
Blocking Nippon Steel from acquiring U.S. Steel lays the groundwork for a major consolidation of American steelmaking that will harm consumers and the economy.
He said he would relocate Cleveland-Cliffs’ headquarters to Pittsburgh ... to abandon plans to acquire U.S. Steel after President Joe Biden blocked the deal. The new deadline, now in mid ...
He said he would relocate Cleveland-Cliffs' headquarters to Pittsburgh ... to abandon plans to acquire U.S. Steel after President Joe Biden blocked the deal. The new deadline, now in mid-June ...
Nippon's offer to buy USS was $14 billion while, according to Cliff CEO Lourenco Goncalves, Cliffs' final bid was $13.8 billion. Before Biden killed the Nippon deal, a bipartisan group, including incoming President Donald Trump, also opposed the deal.
U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.
The CEO of Cleveland Cliffs, said in a news conference Monday that he wanted to make a new bid for U.S. Steel.
The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.
Cleveland-Cliffs offered the company roughly $7.3 billion for a buyout in July 2023, though it was rebuffed. In a lawsuit filed earlier last week, U.S. Steel and Nippon say Cleveland-Cliffs conspired with the United Steelworkers Union to put pressure on Biden and the regulatory process to steer the deal back into its hands.