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— with union support — for United States Steel Corp., albeit at a significantly lower price than the existing offer from Nippon Steel Corp.falling apart, Goncalves said in a phone interview. If he were to make an offer, the Cliffs CEO said he’d have the backing of the influential steelworkers union that’s also blasted Nippon’s takeover approach.
A recent share plunge for US Steel shows that investors are increasingly concerned about the future of the Nippon deal. President Joe Biden on Thursday said the iconic Pennsylvania company should retain American ownership. Biden’s move against a takeover by a the Japanese company came despite the risk of upsetting a key ally.
Nippon didn’t immediately respond to a request for comment. On Wednesday, Nippon Steel and US Steel in a joint statement said the companies will continue to advocate for the deal, and “we are confident that fair and thoughtful evaluation will result in its approval.”Biden’s statement marks a rare presidential intervention in a transaction that outside an election year would have drawn less public scrutiny.
“Yes, because you still have our right to bid,” McCall responded to Goncalves. He was referring to a legal right the union had to launch a counteroffer for US Steel, which it transferred to Cliffs last year.
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