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There is a lot of uncertainty around this year's potential new tariffs in the basic materials sector, particularly in the steel industry. With uncertainty comes a lot of shaky price action, better known as volatility, and many investors might feel confused as to what could happen next or what stock they could even look into in the next couple of months.
Cleveland-Cliffs CEO Laurenco Goncalves on the status of the deal between U.S. Steel and Nippon Steel and Cleveland-Cliffs' renewed effort to buy U.S. Steel. #FOXBusiness Subscribe to Fox News!
The bid by Japan's Nippon Steel to buy U.S. Steel may have a new lease on life after the Biden Administration extended a deadline for the Japanese steelmaker to abandon plans to acquire the storied Pittsburgh company after President Joe Biden blocked the deal.
Cleveland-Cliffs CEO Lourenco Goncalves said a lot in a lengthy Monday press conference. Amid the rhetoric was some hope for U.S. Steel investors.
Cleveland-Cliffs CEO Lourenco Goncalves said he had a plan to buy U.S. Steel after its sale to Japan's Nippon Steel collapsed. Goncalves went on a tirade against Japan during a press conference, calling the U.S. ally "evil.
An offer is probably months away from happening.
The company's renewed interest comes after the Biden administration blocked Nippon Steel from acquiring the onetime American powerhouse.
U.S. Steel (X 6.48%) has been in the news for months since Japan's Nippon Steel made a generous offer for the iconic American steelmaker. Nippon's $14.9 billion bid in late 2023 represented a nearly 40% premium to U.S. Steel's share price at the time.
US stocks saw a decline on Monday as investors continued to unload key tech shares that have been driving the bull market. The S&P 500 fell by 0.2%, while the Nasdaq Composite dropped 0.8%.
U.S. Steel (X) shares jumped Monday after a CNBC report that Cleveland-Cliffs (CLF) is teaming up with rival Nucor (NUE) for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was blocked by President Joe Biden recently.