Nippon Steel Opposes Cleveland-Cliffs' Bid for U.S. Steel

Tokyo, Jan. 14 (Jiji Press)--Nippon Steel Corp. voiced Tuesday strong opposition to a reported bid by Cleveland-Cliffs Inc. for United States Steel Corp., reiterating its determination to complete its proposed acquisition of U.S. Steel.

"Nippon Steel remains the only partner for U.S. Steel that can keep the company intact and the blast furnaces running, protect jobs, and deliver the technology and investment so that it can successfully compete on the global stage," the Japanese steelmaker said in a statement.

Referring to Lourenco Goncalves, CEO of U.S. steelmaker Cleveland-Cliffs, Nippon Steel said that "what his words cannot mask is that he cannot match the scope and scale of our plan."

U.S. President Joe Biden early this month blocked Nippon Steel's takeover of U.S. Steel on national security grounds. The Japanese company sued Biden and others to keep the deal alive.

"We are focused on fighting for the people of the states in which U.S. Steel is operating, and we will continue to do whatever it takes to close our deal and secure their bright future," Nippon Steel said.

[Copyright The Jiji Press, Ltd.]