(The Center Square) – An Ohio-based company won’t give up on its quest to merge with U.S. Steel.
According to multiple media outlets, Cleveland-Cliffs wants to buy the iconic company with the help of North Carolina’s Nucor Steel.
This, after President Joe Biden blocked Japanese-owned Nippon from merging with U.S. Steel for $14.9 billion, citing unfair trade practices on the global market that pose a national security risk. After initially telling both companies to unwind the deal by the end of January, an extension has been granted through June.
In the meantime, the companies hope to convince President-elect Donald Trump to change his mind. The soon-to-be 47th commander-in-chief said he’d prefer to use tariffs to make U.S. Steel profitable again.
Cleveland-Cliffs offered the company roughly $7.3 billion for a buyout in July 2023, though it was rebuffed. In a lawsuit filed earlier last week, U.S. Steel and Nippon say Cleveland-Cliffs conspired with the United Steelworkers Union to put pressure on Biden and the regulatory process to steer the deal back into its hands.
Both parties deny the accusations and promise a “vigorous defense” in court.
