Site last updated: Friday, January 10, 2025
Welcome, GuestSign In

Log In

Reset Password
MENU
Butler County's great daily newspaper

Cleveland-Cliffs revives offer to purchase U.S. Steel unionized mills

A Cleveland-Cliffs steel mill in Lyndora on Wednesday April 3, 2024. Eagle file photo

Cleveland-Cliffs officials on Friday, Sept. 6, said the company is prepared to purchase unionized mills from U.S. Steel that otherwise would be closed if the deal with Japan’s Nippon Steel is blocked by President Joe Biden.

As the largest flat-rolled steel producer in North America, Cleveland-Cliffs has already shown interest in buying the mills when it made an unsolicited $8.3 billion cash and stock offer last year. That deal had the backing of the United Steelworkers union, but not U.S. Steel.

Cleveland-Cliffs leadership made clear on Thursday the company has the financial means to acquire those mills should the opportunity arise.

“With the continued exclusive and unwavering support of the United Steelworkers union, and with ample financing support available from our bank group led by J.P. Morgan and Wells Fargo, Cleveland-Cliffs stands ready to immediately acquire and invest in any and all union-represented assets that U.S. Steel shuts down, protecting union jobs and investing in the future livelihoods and communities in which the facilities operate, said chairman, president and CEO, Lourenco Goncalves in a news release sent out on Thursday.

More in Local News

Subscribe to our Daily Newsletter

* indicates required
TODAY'S PHOTOS