Cleveland-Cliffs Renews Bid for U.S. Steel

Cleveland-Cliffs CEO Lourenco Goncalves is pushing for a renewed bid to acquire U.S. Steel after President Biden blocked a $14.1 billion takeover attempt by Japan's Nippon Steel on national security grounds. Goncalves plans to relocate the headquarters to Pittsburgh and retain the U.S. Steel name, while Cleveland-Cliffs would partner with Nucor to avoid antitrust issues, acquiring U.S. Steel for cash and selling off subsidiary assets to Nucor. Nippon Steel, which offered $55 per share compared to Cleveland-Cliffs' proposed high $30s, has legally challenged Biden's decision, aiming to protect its bid. Meanwhile, Goncalves has used nationalist rhetoric in a recent press conference, criticizing foreign entities, particularly Japan and China. Local officials and the steelworkers union are involved in legal battles over the acquisition strategies.