Cleveland-Cliffs Corporation marked its fifth anniversary of acquiring AK Steel on Monday with plans to expand further into the US steel market. The company’s CEO, Lourenco Goncalves, announced a deal to acquire US Steel, which would make it the largest steel manufacturer in the country.
Goncalves outlined his plan, stating he wants to buy and has an “all-American solution” that prioritizes people and workers like those at AK Steel. The acquisition will involve partnering with Nucor to take over US Steel’s electric furnaces. This move comes after President Joe Biden blocked a previous purchase attempt by Japan-based Nippon Steel due to national security concerns.
The deal would keep US Steel headquartered in Pittsburgh, while Goncalves expressed frustration over the blocked deal, saying his initial offer was $257 million lower than Nippon Steel’s winning bid. Nippon Steel and US Steel have filed lawsuits alleging Goncalves collaborated with union representatives to obstruct their deal.
Goncalves dismissed these claims, stating he believes his lawyers will dismiss the lawsuit due to its baseless nature. The deadline for Nippon Steel’s acquisition of US Steel has been extended until June pending a federal court case challenging President Biden’s decision.
Source: https://myfox28columbus.com/news/local/cleveland-cliffs-aims-to-become-largest-us-steelmaker-with-us-steel-acquisition