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Published on 6 Jan 2025 on Benzinga

Cleveland-Cliffs CEO Predicted Biden's Block $14.9B Nippon Steel-US Steel Deal...

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Cleveland-Cliffs Inc. CLF CEO Lourenco Goncalves repeatedly predicted President Joe Biden would block Nippon Steel Corp.‘s NPSCY proposed $14.9 billion acquisition of United States Steel Corp. X months before it happened, according to documents submitted to federal regulators.

In at least nine investor calls throughout 2024, Goncalves, whose company’s own $7 billion bid for U.S. Steel was rejected in August 2023, expressed confidence the deal would fail, reported Reuters on Sunday.

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