Reported about 1 month ago
Cleveland Cliffs has offered to buy US Steel mills that are at risk of closure due to US Steel's plans to sell to Nippon Steel, which has faced opposition from the union and the Biden administration. US Steel has threatened to shut down these mills unless it receives a $2.7 billion investment from Nippon, which the government is likely to block on national security grounds. In contrast, Cleveland Cliffs has secured financing to acquire the mills and has the union's backing, emphasizing that US Steel's threats are a misguided attempt at coercing the government.
Source: YAHOO