New Rival Bid For U.S Steel Emerging

January 14, 2025 4:33 am

HARRISBURG, Pa. (AP) — The bid by Japan’s Nippon Steel to buy U.S. Steel may have a new lease on life, even as the potential for a new bid for the storied Pittsburgh steelmaker began to emerge Monday. Lourenco Goncalves, the CEO of Ohio-based steelmaker Cleveland Cliffs, said Monday that he wanted to make a new bid for U.S. Steel. He spoke a day after the Biden administration pushed back the deadline it imposed for the Japanese steelmaker to abandon its plan to acquire U.S. Steel. That’s after President Joe Biden blocked the deal. The extra time was viewed by U.S. Steel as an opportunity for the companies to complete the acquisition.