Lourenco Goncalves, CEO of Cleveland-Cliffs, criticizes the Biden administration for extending the deadline for Nippon Steel's acquisition of U.S. Steel, suggesting it emboldens foreign entities. Goncalves believes the new CFIUS with Trump Cabinet members will reinstate the original Feb. 2 deadline, allowing Cleveland-Cliffs to pursue its rival bid. Meanwhile, U.S. Steel maintains its commitment to the merger with Nippon Steel.
Cleveland-Cliffs CEO Lourenco Goncalves is blaming "weakness" for keeping Nippon Steel's massive bid to acquire U.S. Steel alive, complicating his company's own plans for a rival bid as the acquisition remains in limbo. "Tony Blinken, the secretary of state, went to a farewell visit to Japan. Over there, the prime minister of Japan was very upset, apparently, and he said bad things about the president of the United States.
Nippon's "steely" resolve has put a snag on Ohio-based Cleveland-Cliffs' plans for a rival bid, with Japan's Kyodo News reporting the company insists it "remains the only partner" pursuing the purchase despite opposition from the White House. A spokesperson for U.S. Steel issued the following statement, responding to Goncalves' Monday press conference on the topic, where he expressed interest in purchasing U.S. Steel and attacked Japan as "evil.
ACQUISITION STEEL INDUSTRY US STEEL NIPPON STEEL FOREIGN INVESTMENT
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