CLEVELAND, OHIO – Cleveland-Cliffs President and CEO Lourenco Goncalves has made a surprising announcement that if he acquires US Steel, he will relocate to Pittsburgh and make the city his home. If successful in acquiring US Steel, Goncalves plans to move away from Cleveland, citing that the company’s headquarters will be in Pittsburgh.
Goncalves also stated that Cliffs’ top executives will join him in Pittsburgh, including the CFO, COO, and General Counsel. The combined company’s name is expected to be United States Steel Corporation, with mining operations remaining under the Cleveland Cliffs brand.
This move comes after Goncalves previously made an unsolicited bid for US Steel in August 2023, which was initially rejected but led to other bidders entering the picture. Japanese-owned Nippon stepped up with a competing offer, and the US Steel board ultimately accepted it.
The deal has faced opposition from some lawmakers, including Democrats and Republicans in Washington, who have expressed concerns about national security implications. However, President Biden blocked a bid by CIFIUS to block the merger.
Cleveland-Cliffs is urging Goncalves to reconsider his plans, citing the company’s long history and contributions to the region. The Greater Cleveland Partnership has also weighed in, expressing support for keeping the company’s headquarters in Cleveland.
Source: https://www.news5cleveland.com/news/local-news/if-cleveland-cliffs-acquires-us-steel-its-ceo-says-the-headquarters-of-the-new-company-would-be-in-pittsburgh