Cleveland-Cliffs CEO Lourenco Goncalves announced plans to buy US Steel after its planned sale to Japan’s Nippon Steel collapsed. Goncalves, who called the US ally “evil” during a press conference, criticized Japan for teaching China how to dump steel on the US market. The comment sparked a lawsuit against him and US Steel from both companies. However, US Steel remains committed to completing its merger agreement with Nippon. The partnership between Cleveland-Cliffs and Nucor is also moving forward, driving up shares of both companies.
Source: https://www.cnbc.com/2025/01/13/cleveland-cliffs-ceo-attacks-japan-as-he-reiterates-interest-in-acquiring-us-steel.html