Cleveland-Cliffs Tells U.S. Steel "You Have No Path To Close", Regarding Its Attempt To Sell Its Co To A Foreign Buyer Without Union Support
Portfolio Pulse from Benzinga Newsdesk
Cleveland-Cliffs Inc. (NYSE:CLF) criticized U.S. Steel's (NYSE:X) attempt to sell to a foreign buyer, Nippon Steel, without union support. Cleveland-Cliffs emphasized the necessity of keeping U.S. Steel American-owned and having union backing, which U.S. Steel failed to secure. The United Steelworkers (USW) union only supports Cleveland-Cliffs for the acquisition, effectively vetoing other buyers. The U.S. government also opposes the foreign sale, citing national security concerns.
May 21, 2024 | 5:19 pm
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NEGATIVE IMPACT
U.S. Steel's attempt to sell to Nippon Steel without union support has been criticized by Cleveland-Cliffs and opposed by the USW union and U.S. government. This could negatively impact U.S. Steel's stock.
The criticism from Cleveland-Cliffs and the opposition from the USW union and U.S. government could negatively impact U.S. Steel's stock as it faces significant hurdles in its sale process.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Cleveland-Cliffs criticized U.S. Steel's attempt to sell to Nippon Steel without union support, emphasizing the necessity of keeping U.S. Steel American-owned. The USW union and U.S. government back Cleveland-Cliffs' stance.
Cleveland-Cliffs' strong stance against U.S. Steel's foreign sale and the backing from the USW union and U.S. government could positively impact CLF's stock as it positions itself as the preferred acquirer.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100