Lourenco Goncalves, the CEO of Ohio-based steelmaker Cleveland-Cliffs, said in a news conference Monday that he wanted to make a new bid for U.S. Steel, which accepted the buyout offer from Nippon in 2023 after it rejected an offer by Cleveland-Cliffs.
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Over the weekend, the Biden administration extended a deadline for the Japanese steelmaker to abandon plans to acquire U.S. Steel after President Joe Biden “We are pleased that CFIUS has granted an extension to June 18, 2025 of the requirement in President Biden’s Executive Order that the parties permanently abandon the transaction,” U.S. Steel said in a statement Sunday. “We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.
Dennis Unkovic, a Pittsburgh lawyer who works on international business transactions, including deals in which CFIUS approval was required, said a new CFIUS and a new president are not legally bound by Biden’s decision. The United Steelworkers have opposed the Nippon Steel deal, concerned over whether the company would honor existing labor agreements or slash jobs, and questioned Nippon Steel’s status as an honest broker for U.S. national trade interests.
US Steel Nippon Steel Cleveland-Cliffs Bid Acquisition Deadline Biden Administration
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