Cleveland-Cliffs Ready to Acquire US Steel Assets
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Cleveland-Cliffs Inc., a US-based mining and steel company, has expressed its interest in acquiring and investing in some of United States Steel Corporation's (US Steel) assets. This announcement comes after US President Joe Biden blocked the proposed takeover of US Steel by Japanese steelmaker Nippon Steel.
Cleveland-Cliffs had previously made an offer to acquire US Steel for $7.3 billion last year, which was ultimately rejected. However, with the recent decision to block the Nippon Steel deal, the company has renewed its interest in acquiring US Steel's assets.
The company believes that acquiring US Steel's assets would be beneficial for both Cleveland-Cliffs and the US steel industry. By investing in these assets, Cleveland-Cliffs could help to protect union jobs and ensure the continued viability of the US steel industry.
The Committee on Foreign Investment in the United States is currently reviewing the potential threats posed by the US Steel acquisition by Nippon Steel. The outcome of this review will likely play a significant role in determining whether Cleveland-Cliffs' acquisition bid will be successful.
Cleveland-Cliffs' CEO, Lourenco Goncalves, has criticized US Steel's recent threats to shut down integrated steelmaking production and fire union workers if the Nippon Steel deal does not close. He has called these threats "pathetic blackmail" and expressed his support for the US government's decision to block the deal.
Overall, Cleveland-Cliffs' announcement represents a potential lifeline for US Steel and its workers. If the company is able to acquire some of US Steel's assets, it could help to ensure the continued viability of the US steel industry and protect American jobs.
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Cleveland-Cliffs Inc., a US-based mining and steel company, has expressed its interest in acquiring and investing in some of United States Steel Corporation's (US Steel) assets. This announcement comes after US President Joe Biden blocked the proposed takeover of US Steel by Japanese steelmaker Nippon Steel.
Cleveland-Cliffs had previously made an offer to acquire US Steel for $7.3 billion last year, which was ultimately rejected. However, with the recent decision to block the Nippon Steel deal, the company has renewed its interest in acquiring US Steel's assets.
The company believes that acquiring US Steel's assets would be beneficial for both Cleveland-Cliffs and the US steel industry. By investing in these assets, Cleveland-Cliffs could help to protect union jobs and ensure the continued viability of the US steel industry.
The Committee on Foreign Investment in the United States is currently reviewing the potential threats posed by the US Steel acquisition by Nippon Steel. The outcome of this review will likely play a significant role in determining whether Cleveland-Cliffs' acquisition bid will be successful.
Cleveland-Cliffs' CEO, Lourenco Goncalves, has criticized US Steel's recent threats to shut down integrated steelmaking production and fire union workers if the Nippon Steel deal does not close. He has called these threats "pathetic blackmail" and expressed his support for the US government's decision to block the deal.
Overall, Cleveland-Cliffs' announcement represents a potential lifeline for US Steel and its workers. If the company is able to acquire some of US Steel's assets, it could help to ensure the continued viability of the US steel industry and protect American jobs.
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