Cleveland-Cliffs reiterates offer to buy mills U.S. Steel is threatening to close
CBSN
Cleveland-Cliffs is reiterating its interest in buying unionized mills that U.S. Steel is threatening to close should its takeover by Japan's Nippon Steel get blocked by President Joe Biden.
While the White House has said it's waiting to hear from the Committee on Foreign Investments in the United States, or CFIUS, as to potential national security concerns presented by the deal before making a decision, Cleveland-Cliffs applauded reports that Mr. Biden is ready to derail the merger.
"Our industry is best served by American companies that are committed to the long-term prosperity of domestic manufacturing, supported by good paying union jobs, under American ownership, Cleveland-Cliffs CEO Lourenco Goncalves said in a statement Thursday. "Cleveland-Cliffs stands ready to immediately acquire and invest in any and all union-represented assets that U.S. Steel shuts down, protecting union jobs and investing in the future livelihoods and communities in which the facilities operate."
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