Cleveland-Cliffs Reminds U.S. Steel: You Have No Path to Close
“At Cleveland-Cliffs, we only deal with transparency. It is unfortunate that the
There has been nothing we have publicized or said publicly that could be described as ‘misinformation.’ From our first offer to acquire
The key piece of ‘misinformation’ has been the
Since we only deal with transparency, let’s state the facts:
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As we have explained to
U.S. Steel since day 1, theUnited Steelworkers (USW) has declared they would only supportCleveland-Cliffs for a proposed acquisition ofU.S. Steel. We see that as a de-facto veto power to disallow the acquisition of the entirety ofU.S. Steel or USW-represented assets by anyone else other thanCleveland-Cliffs . -
On
August 15, 2023 , the lateTom Conway , former USW International President, said the union only endorsesCleveland-Cliffs to acquireU.S. Steel. This came after Conway said he received countless calls from potential bidders seeking the union’s approval – a necessary legal step for anyone seeking to buyU.S. Steel.David McCall , currentUSW International President, confirmed he only learned about Nippon Steel as an acquirer on the day that the deal was announced,December 18, 2023 . -
The President of
the United States ,Joe Biden , has said thatU.S. Steel should remain a ‘totally American company’ and ‘that is going to happen, I promise you…Guaranteed.’ Presidential candidateDonald Trump has said, regarding the transaction, ‘I would block it instantaneously. Absolutely.’ -
In our Final Offer (now expired) to
U.S. Steel onDecember 15 , we noted specifically that Nippon Steel would present a CFIUS risk, along with the inherent risks of choosing a buyer without Union support. The Final Offer letter and the Powerpoint presentation attached to the Final Offer have now been uploaded to our clevelandcliffs.com website. We address CFIUS on page 2 of the letter and on page 14 of the presentation. -
David McCall , International President of the USW, has said ‘A merger between Nippon and USS would negatively impact workers, retirees, our communities, and our national security, and your Union is working inWashington , in the public, and under our BLA to stop it.’"
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