Cleveland-Cliffs open to buying any assets U.S. Steel shuts down

Cleveland-Cliffs (CLF) applauded the reported decision by President Biden to officially block the foreign takeover of U.S. Steel (X) by Japan’s Nippon Steel (NPSCY). The Company provided the following statement from its Chairman, President and CEO, Lourenco Goncalves: “We commend President Biden and the U.S. government for its reported decision to block foreign ownership of U.S. Steel by Japan’s Nippon Steel. The American steel industry plays a crucial role in safeguarding our national security. President Biden’s courageous move affirms our view that our industry is best served by American companies that are committed to the long-term prosperity of domestic manufacturing, supported by good paying union jobs, under American ownership… With the continued exclusive and unwavering support of the United Steelworkers union, and with ample financing support available from our bank group led by J.P. Morgan and Wells Fargo, Cleveland-Cliffs stands ready to immediately acquire and invest in any and all union-represented assets that U.S. Steel shuts down, protecting union jobs and investing in the future livelihoods and communities in which the facilities operate.”