Cleveland-Cliffs CEO still keen on acquiring U.S. Steel as uncertainty weighs on Nippon bid [Globe and Mail, The (Toronto, Canada)]
United States Steel Corporation (X)
Last united states steel corporation earnings: 4/30 04:16 pm
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Source: Globe and Mail, The
increase chief executive Lourenco Goncalves says he is still interested in buying United States Steel Corp. to create an American champion, as regulators continue to deliberate over whether to allow Japanese steel maker Nippon Steel to buy the company. Cleveland-based Cliffs attempted to buy its Pittsburgh-based competitor U.S. Steel in the summer of 2023, but Nippon Steel swooped in with a higher bid late last year that U.S. Steel's board backed. Amid a heated presidential campaign centred around gaining as many votes as possible in swing states such as Pennsylvania, U.S. President Biden vowed to block the Nippon deal. So far, he has not followed through on his promise, but a review by the Committee on Foreign Investment in the U.S. is scheduled to wrap up in late December, at which point Mr. Biden is expected to act. Mr. Goncalves, who has been CEO of Cleveland-Cliffs since 2014, said in an interview that his hands are tied on making a move on U.S. Steel pending the outcome o
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