Reported 2 days ago
Amid skepticism over Nippon Steel's $14.9 billion bid for U.S. Steel, documents reveal that Lourenco Goncalves, CEO of rival Cleveland-Cliffs, actively undermined the deal's prospects in calls with investors, suggesting President Biden would block the merger. Despite Nippon Steel's assurances and a hefty offer, Biden's decision and concerns from CFIUS about national security ultimately thwarted the transaction. Goncalves's comments reportedly influenced U.S. Steel's stock price and reflected his efforts to position Cleveland-Cliffs for future opportunities.
Source: YAHOO