The Black Chronicle

Report: Cleveland-Cliffs, Nucor float new joint bid for U.S. Steel

(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.

- Advertisement -

Both parties deny the accusations and promise a “vigorous defense” in court.

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Biden To Deliver Farewell Address From the Oval Office

Tonight at 8 p.m., President Joe Biden will deliver...

WA Supreme Court hears arguments in high-capacity magazine ban case

(The Center Square) – The Washington Supreme Court heard...

Cleveland files ‘Modell Law’ lawsuit to block Browns’ move to Brook Park

(The Center Square) – Cleveland made good on its...

Republicans roll out ‘Liberate New York’ agenda

(The Center Square) — New York Republicans have rolled...

Last-ditch efforts continue to stop removal of tipped wage, paid sick leave

(The Center Square) – Michigan lawmakers are holding hearings...

At least one alleged California arsonist arrested was in U.S. illegally as gotaway

(The Center Square) – As Democratic officials in California,...

Arizona governor to create artificial intelligence ‘steering committee’

(The Center Square) – Arizona Gov. Katie Hobbs’ office...

More like this
Related

Biden To Deliver Farewell Address From the Oval Office

Tonight at 8 p.m., President Joe Biden will deliver...

WA Supreme Court hears arguments in high-capacity magazine ban case

(The Center Square) – The Washington Supreme Court heard...

Cleveland files ‘Modell Law’ lawsuit to block Browns’ move to Brook Park

(The Center Square) – Cleveland made good on its...

Republicans roll out ‘Liberate New York’ agenda

(The Center Square) — New York Republicans have rolled...