Cleveland-Cliffs is vowing to buy any union steel mills U.S. Steel closes.
The Biden administration is reportedly set to block Nippon Steel’s $14.9 billion acquisition of U.S. Steel after the Committee on Foreign Investment in the United States identified potential national security risks, including a decline in American steel production and the likelihood of less vigorous pursuit of trade cases to protect American steel mills and steelworker jobs.
“We commend President Biden and the U.S. government for its reported decision to block foreign ownership of U.S. Steel by Japan’s Nippon Steel. The American steel industry plays a crucial role in safeguarding our national security. 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,” Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said.
U.S. Steel responded by …