The CEO of Cleveland-Cliffs – a Nippon and U.S. Steel competitor – argues suing his company and the Biden administration is 'a bad idea' as the billion-dollar deal was legally blocked.
After being named in a separate Nippon Steel and U.S. Steel lawsuit against the Biden administration’s decision to block the nearly $15 billion buyout deal, the CEO of Cleveland-Cliffs is speaking out over its racketeering and anti-competitiveness allegations. "My response be given in court. And I have never had so much time to prepare for a lawsuit that I knew that was coming. So we are armored through the teeth and the Japanese will learn...
separate lawsuit alleges that Cleveland-Cliffs, Goncalves, and United Steelworkers President David McCall illegally coordinated to prevent the transaction and undermined U.S. Steel’s ability to compete. Before accepting Nippon's offer, U.S. Steel turned down Cleveland-Cliffs' $7 billion buyout offer in 2023. "Let's fix this record once and for all: $7 billion was my initial bid, and the auction lasts like six months," Goncalves explained.
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