. Both sums are drops in Niagara Falls against the trillion-dollar valuations the country’s leading tech companies command.
Steel has long been a symbol of manufacturing’s drift to lower-cost countries. No US steelmaker ranked in the World Steel Association’s top 15 last year. China had nine companies on that list.The newspaper noted the sheer scale of the company’s more than $1bn capitalisation Similar flag-waving was on display from the very first line of Cleveland-Cliffs’ bid announcement, which promised to create an American steel company to rank among the world’s top 10. Its desired deal would secure investment in critical niche materials for the supply chain, it said, bolstering America’s economic security.
Washington could prove the toughest of those stakeholders to persuade. The USW’s enthusiasm for Cleveland-Cliffs’ bid should carry some weight with Biden, a self-styled union booster who will need labour support for his re-election bid.