A bizarre press conference held this Monday by Lourenco Goncalves, CEO of Ohio-based steelmaker Cleveland Cliffs, further underscored the imprudence of President Joe Biden’s move to nix Tokyo-based Nippon Steel’s acquisition of U.

US Steel and Nippon, whose $14.3 billion merger was blocked by President Joe Biden last week, filed a lawsuit against the US government Monday, claiming Biden’s executive order to bar the companies from combining was signed for “purely political reasons.

In dual lawsuits filed Jan. 6, U.S. Steel Corp. and Nippon Steel Corp. blame the Biden administration's politicizing its national-security review as well as the behind-the-scenes actions by rival Cleveland-Cliffs Inc. and United Steelworkers International President David McCall for scuttling the $14.9 billion deal.

He said he would relocate Cleveland-Cliffs’ headquarters to Pittsburgh ... to abandon plans to acquire U.S. Steel after President Joe Biden blocked the deal. The new deadline, now in mid ...

Nippon's offer to buy USS was $14 billion while, according to Cliff CEO Lourenco Goncalves, Cliffs' final bid was $13.8 billion. Before Biden killed the Nippon deal, a bipartisan group, including incoming President Donald Trump, also opposed the deal.

Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel’s 5401.T planned acquisition of U.S.

U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.

Blocking Nippon Steel from acquiring U.S. Steel lays the groundwork for a major consolidation of American steelmaking that will harm consumers and the economy.

Citing national security concerns and following an expansive but divided Treasury Department review, President Joe Biden recently decided to deny the $14 billion purchase of U.S. Steel Corp. by the Japanese firm Nippon Steel. The decision is final, at least for now, but both companies have already brought suit to overturn it.

Lourenco Goncalves, CEO of steelmaker Cleveland-Cliffs, which made a failed $7 billion bid for US Steel in August 2023, participated in at least nine calls assuring investors that President Joe Biden would scuttle the Nippon Steel merger months before he ...

The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.