Cleveland-Cliffs CEO Lourenco Goncalves expressed his plan to buy U.S. Steel during a news conference and criticized Japan, calling it “evil.” He mentioned having an “all-American solution” centered on workers. Cleveland-Cliffs is reportedly partnering with Nucor for a potential bid for U.S. Steel after President Joe Biden blocked the sale to Japan’s Nippon Steel due to national security concerns. The news of a potential offer drove up shares of both companies. Goncalves accused Japan of teaching China how to dump steel on the U.S. market and criticized Japanese Prime Minister Shigeru Ishiba for expressing concerns about the blocked acquisition. U.S. Steel and Nippon Steel have sued Goncalves, Cleveland-Cliffs, and United Steelworkers President David McCall in federal court, alleging coordination to prevent the deal. Goncalves dismissed the lawsuit as an attempt to scapegoat others. He warned Japan to beware and claimed they have not learned from past mistakes. This news comes as Cleveland-Cliffs marks the fifth anniversary of AK Steel’s acquisition.
Photo credit
www.nbcnews.com