A new rival bid for US Steel is emerging as the US extends deadline on Nippon's bid blocked by Biden

Source: AP

Updated 9:14 PM EST, January 13, 2025


HARRISBURG, Pa. (AP) — The bid by Japan’s Nippon Steel to buy U.S. Steel may have a new lease on life, even as the potential for a new bid for the storied Pittsburgh steelmaker began to emerge Monday.

Lourenco Goncalves, the CEO of Ohio-based steelmaker Cleveland Cliffs, said in a news conference Monday that he wanted to make a new bid for U.S. Steel, which accepted the buyout offer from Nippon in 2023 after it rejected an offer by Cleveland-Cliffs.

Goncalves declined to give financial details about the bid, but said in a news conference at a Cleveland-Cliffs plant in western Pennsylvania that it is an “all-American solution” to save U.S. Steel. He said he would relocate Cleveland-Cliffs’ headquarters to Pittsburgh, keep the U.S. Steel name and make Cleveland-Cliffs part of U.S. Steel.

Over the weekend, the Biden administration extended a deadline for the Japanese steelmaker to abandon plans to acquire U.S. Steel after President Joe Biden blocked the deal. The new deadline, now in mid-June, was viewed by U.S. Steel — and investors, apparently — as an opportunity for the companies to complete the acquisition, even though President-elect Donald Trump, who takes office in a week, also opposes the deal.

Read more: https://apnews.com/article/nippon-us-steel-biden-trump-pennsylvania-7899061b41e9597daaee77f4d7ac2b9e