Days after President Joe Biden extended the deadline for U.S. Steel and Nippon Steel to abandon the possible sale, Cleveland Cliffs CEO Lourenco Goncalves aired out his grievances on the sale during a nearly two-hour press conference Monday afternoon.
During the press conference to celebrate the five years since purchasing the Butler Works plant, Goncalces referenced the bombing of Hiroshima and Nagasaki, announced Cliffs is exploring reopening the Weirton, WV plant that closed last year, and called Japan “evil”.
One thing did remain true.
“I want to buy,” said Goncalves
He still intends to purchase U.S. Steel saying his final bid for U.S. Steel was $54 per share, the highest bid before Nippon Steel.
“My last offer was $54 per share, and the Nippon Steel offer was $55 per share,” said Goncalves. “My number before the previous bid was $47.50, I went from $47.50 to $54. I don’t know what number was theirs but it was lower than mine and they miraculously went to $55. Do you guys smell a rat? I do.
The total difference between Nippon and Cliffs’ offer is around $260 million. Cleveland Cliffs also has rumored plans on partnering with Nucor, the largest steel producer in the United States, to purchase U.S. Steel.
While speaking about a report that Japan Prime Minister Shigeru Ishiba asked why President Biden blocked the sale due to national security concerns, Goncalves referenced the August 1945 bombings of Hiroshima and Nagasaki that killed an estimated 150,000 people.
“Japan be aware, you don’t understand who you are, you did not learn anything since 1945,” said Goncalves. “You did not learn how good (the United States of America) are, how gracious we are, how magnanimous we are, how forgiving we are.”
Also during the Press Conference Goncalces said he would move Cleveland Cliffs headquarters to Pittsburgh and change the name of the entire company to U.S. Steel.
“I will relocate to Pittsburgh and U.S. Steel will finally have a CEO residing in Pittsburgh,” said Goncalves.
Last year the federal government announced they would give Cliffs $75 million in grants to upgrade the Butler Works facility to meet EPA regulations. Goncalves says although he was given the money he doesn’t intend to rely on the government for more funding to upgrade facilities.
U.S. Steel and Nippon have to abandon the merger by June before any other sale can be made.
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