US Steel's proposed merger with Nippon Steel faced opposition from an unexpected source: Lourenco Goncalves, CEO of rival bidder Cleveland-Cliffs. Goncalves repeatedly assured investors that President Joe Biden would block the deal, even months before Biden's official disapproval on Friday. According to summaries of investor calls, Goncalves participated in at least nine calls, expressing confidence in Biden's intervention.
He stated, 'I can't force US Steel to sell to me, but I can work my magic to make a deal that I don't agree with not to close.' CFIUS, tasked with reviewing foreign investments for national security risks, ultimately referred the matter to Biden for a final decision. While Goncalves declined to comment, the White House asserted that his actions did not influence Biden's decision, citing national security concerns as the primary reason for blocking the merger.
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