Saturday, February 15, 2025
spot_imgspot_imgspot_imgspot_img
HomeBusinessCleveland-Cliffs CEO hits out at Japan as he reiterates interest in acquiring...

Cleveland-Cliffs CEO hits out at Japan as he reiterates interest in acquiring US Steel


Lourenco Goncalves, CEO of Cleveland-Cliffs

cnbc

cleveland-rocks CEO Lourenço Gonçalves said on Monday that he plans to buy us steel He launched a scathing attack against Japan’s close American ally, calling it “evil” during a press conference.

“I want to buy,” Goncalves told reporters at the Butler Works plant in Pennsylvania. “I have a plan, I have an all-American solution. The all-American solution is focused on people and workers.”

Goncalves’ comments came later CNBC reported Earlier Monday, it was partnering with Cleveland-Cliffs Nucor In a possible bid for US Steel. Cleveland-Cliffs looks to US Steel after President Joe Biden Stopped the sale of the company to japan Nippon Steel Earlier this month, citing national security concerns.

Shares of both U.S. Steel and Cleveland-Cliffs rose in trading Monday on talk of a potential offering, with each closing up about 6%. Nucor shares ended the day up 4%.

Goncalves launched a tirade against Japan during a press conference that lasted more than 90 minutes and which was apparently held to mark the five-year anniversary of the Cleveland-Cliffs acquisition of AK Steel.

The CEO of Cleveland Cliffs attacked Japan as “rogue” and claimed the US ally had taught China how to dump steel on the US market.

Goncalves said, “Japan is evil. Japan taught China a lot of things.” “Japan taught China how to dump, how to overcapacity, how to overproduce.”

The CEO criticized Japanese Prime Minister Shigeru Ishiba for expressing concerns to Biden about Nippon’s decision to block the acquisition of US Steel. Goncalves challenged Ishiba to bring the same concerns to the White House during the president-elect Donald Trump Takes charge.

“Japan, be careful,” Goncalves said. “You don’t understand who you are. You haven’t learned anything since 1945. You haven’t learned how good we are, how kind we are, how generous we are, how forgiving we are.”

US Steel and Nippon Steel have filed a lawsuit Goncalves, Cleveland-Cliffs and United Steelworkers President David McCall alleged in federal court that they coordinated actions to prevent the deal from happening.

Goncalves has dismissed the lawsuit as a “shameless attempt to scapegoat others for US Steel and Nippon Steel’s self-inflicted disaster.”

Don’t miss these insights from CNBC Pro



Source link

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular

Recent Comments

Enable Notifications OK No thanks