U.S. Steel, Cleveland-Cliffs exchange barbs about proposed deal with Nippon Steel
The barbs continue between U.S. Steel and Cleveland-Cliffs, as the two exchanged statements Tuesday over the proposed deal with Nippon Steel.
As we’ve reported, U.S. Steel plans on merging with Nippon, which is based in Japan.
U.S. Steel released a statement on Tuesday morning, saying that Cliffs is spreading misinformation. “While Cleveland-Cliffs is pushing false rumors to influence the market into believing we are trying to unwind the transaction, nothing could be further from the truth,” the statement said. “We look forward to closing in the second half of this year.”
Cliffs fired back a few hours later, saying they want to address inaccurate allegations, and that nothing they publicized could be described as misinformation.
CEO Lourenco Goncalves said, “At Cleveland-Cliffs, we only deal with transparency. It is unfortunate that the U.S. Steel Board of Directors is just now realizing that it announced an un-closeable deal and is trying to blame Cliffs for its terrible decision making.”
Goncalves added, “You cannot and will not close your announced deal with Nippon Steel.”
Cliffs had bid on the company last year.
President Biden and former President Trump have both voiced opposition to the proposed transaction.
The United Steelworkers also remain opposed to the deal with Nippon.