Deals

Cliffs CEO Confident US Steel Bid Will Succeed on Union Backing

Lourenco Goncalves.
Photographer: John Kuntz/AP Photo

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By Joe Deaux and Alix Steel

August 14, 2023 at 4:36 PM UTC

This article is for subscribers only.

Cleveland-Cliffs Inc. Chief Executive Officer Lourenco Goncalves said he’s confident his takeover offer for United States Steel Corp. will succeed because it has the support of a key union.

US Steel said on Sunday it had rejected the Cliffs cash and share offer because the company’s terms were unreasonable, and announced a formal review of its strategic alternatives. US Steel shares surged as much as 32% on Monday, extending gains as the Cliffs CEO gave interviews late morning.