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Cleveland-Cliffs Inc. chief executive Lourenco Goncalves says he is still interested in buying United States Steel Corp. to create an American champion, as regulators continue to deliberate over whether to allow Japan’s Nippon Steel Corp. to buy the company.
Cleveland-based Cliffs, which recently acquired Canadian steelmaker Stelco Holdings Inc., attempted to buy its Pittsburgh-based competitor U.S. Steel in the summer of 2023. But Nippon Steel swooped in with a higher bid late last year that U.S. Steel’s board backed.
Amid a heated presidential campaign centred around gaining as many votes as possible in swing states such as Pennsylvania, U.S. President Joe Biden vowed to block the Nippon deal. So far, he has not followed through on his promise, but a review by the committee on foreign investment in the U.S. is scheduled to wrap up in late December, at which point Mr. Biden is expected to act.
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