Cleveland-Cliffs CEO Lourenco Goncalves made headlines on Monday during a press conference, where he unveiled a plan to acquire U.S. Steel and delivered a scathing critique of Japan, referring to the close U.S. ally as “evil.” The event, held at Cleveland-Cliffs’ Butler Works plant in Pennsylvania, coincided with the five-year anniversary of the company’s acquisition of AK Steel.
Goncalves revealed that Cleveland-Cliffs had developed what he called an “all-American solution” to secure U.S. Steel, emphasizing that his strategy prioritizes workers and American industry. His remarks came on the heels of a CNBC report earlier that day, which indicated that Cleveland-Cliffs was collaborating with Nucor on a potential joint bid for U.S. Steel.
The push to acquire U.S. Steel follows President Joe Biden’s recent decision to block the sale of the company to Japan’s Nippon Steel, citing national security concerns. This move has intensified speculation around Cleveland-Cliffs’ next steps, and news of a potential offer caused shares of U.S. Steel and Cleveland-Cliffs to rise approximately 6% each on Monday, with Nucor shares also closing up by 4%.
During the press conference, which lasted more than 90 minutes, Goncalves launched an unrelenting tirade against Japan. He accused the nation of teaching China harmful trade practices, including overproduction and steel dumping in the U.S. market. He further described Japan as an instigator of overcapacity issues that have long plagued the steel industry.
Goncalves also criticized Japanese Prime Minister Shigeru Ishiba for expressing dissatisfaction with Biden’s decision to block Nippon Steel’s acquisition of U.S. Steel. He suggested that Ishiba should bring the same grievances to the White House after President-elect Donald Trump assumes office. Goncalves’s remarks included pointed commentary on Japan’s post-World War II relationship with the U.S., claiming that Japan had failed to fully understand or appreciate American generosity and forgiveness.
In his critique, Goncalves warned Japan to tread carefully, alleging that the nation had not learned from its past mistakes. He accused Japan of misjudging both the current situation and its broader relationship with the United States.
Meanwhile, the controversy surrounding U.S. Steel’s acquisition saga has escalated further with a federal lawsuit. U.S. Steel and Nippon Steel have filed legal action against Goncalves, Cleveland-Cliffs, and United Steelworkers President David McCall, accusing them of coordinating efforts to block the proposed sale to Nippon. Goncalves, however, has dismissed the lawsuit as a baseless attempt to deflect responsibility for what he described as U.S. Steel’s and Nippon Steel’s own failures.
As tensions rise over the future of U.S. Steel, Goncalves’s bold strategy and fiery rhetoric signal his determination to position Cleveland-Cliffs as a dominant force in the American steel industry while fiercely defending national interests.
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