Cleveland-Cliffs CEO still interested in US Steel purchase - Globe and Mail

seekingalpha03:48

Phynart Studio Cleveland-Cliffs (NYSE:X) CEO Lourenco Goncalves reiterated that he still wants to purchase US Steel (X) as US regulators decide if they will allow or block its planned $14 billion sale...

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Goncalves said he wasn't planning on buying Stelco, but decided to do so as the US Steel (X) deal saw an extended review process, he told the Globe and Mail in an interview on Monday. “I was planning to buy U.S. Steel, but because U.S. Steel was like a patient that is in a coma, but nobody turns the machines off,\" Goncalves explained to the paper. \"So, they’re still there lingering, I went ahead and bought Stelco, and I’m very happy with that.” Goncalves said in a CNBC interview in September that he was working with banks to bid for US Steel (X) assets if the Nippon Steel (OTCPK:NPSCY) deal falls apart. He said at the time that he's ready to acquire and invest in union plants that may be shut down by US Steel (X) if the Nippon Steel gets blocked. Goncalves said in April that he's still interested in purchasing US Steel (X) or some of its assets if the US blocks the transaction. In March the Cliffs CEO said he would consider bidding for US Steel (X) in the $30s a share if given the opportunity. Shares of US Steel (X) fell 1.8% on Monday. Cleveland-Cliffs (CLF) rose 1.3%. US Steel (X) received a $54 cash and stock bid from Cleveland-Cliffs (CLF) before it agreed to a $55 a share all cash deal with Nippon Steel in December. US Steel (X) rejected a $7.3 billion buyout cash and stock offer from Cleveland-Cliffs (CLF) in August 2023.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"Company Corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2486054758"}