After reports that President Joe Biden intends to block the sale of US Steel to Nippon Steel, Cleveland Cliffs is applauding the decision.
Before Nippon Steel offered nearly $15 Billion, Cleveland Cliffs offered a cash bid with the other half in stock, an offer that would need shareholder approval.
In a statement released by Cleveland Cliffs, Chairman, President, and CEO Lourenco Goncalves praised the President’s decision.
“President Biden’s courageous move affirms our view that our industry is best served by American companies that are committed to the long-term prosperity of domestic manufacturing, supported by good paying union jobs, under American ownership.”
Goncalves also criticized US Steel’s threat of shutting down production if the deal is blocked calling it “a pathetic blackmail attempt on the United States government and the Commonwealth of Pennsylvania.”
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