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The entrance of US Steel’s Great Lakes Steel Plant (Aaron J. Thornton/Getty Images)
nerves of steel

Cleveland-Cliffs CEO vows vengeance on Nippon Steel’s leader as he brazenly vies to buy US Steel

Lourenco Goncalves is taking another run at a big purchase.

Luke Kawa

Cleveland-Cliffs is poised to make another attempt at purchasing US Steel after US President Joe Biden kiboshed the acquisition of the Pittsburgh-based miner by Japan’s Nippon Steel.

Lourenco Goncalves, CEO of Cleveland-Cliffs, made this clear at an event in Pennsylvania on the heels of media reports suggesting a joint bid along with Nucor would be in the offing.

Shares of US Steel were up as much as 10% on the day, with Cleveland-Cliffs gaining nearly 6% at its peak.

US Steel had opted to accept Nippon’s offer rather than a bid made by Cleveland-Cliffs in part because it thought the Japanese firm would be more likely to gain approval amid antitrust concerns. In the wake of the scuttled deal, Nippon has sued not only the Biden administration but also Cleveland-Cliffs and its CEO, alleging that they are part of an “unlawful campaign to monopolize critical steel markets.”

Goncalves is a seasoned vet with a strong track record as an operator in the mining space. He is also, as you can see (thanks to Axios’ Dan Primack), a walking quote machine:

Some other Bloomberg headlines from the Pennsylvania event where Goncalves is speaking:

  • *CLEVELAND-CLIFFS CEO SAYS HE’LL ‘GO AFTER’ NIPPON STEEL CEO

  • *CLIFFS PURCHASE OF US STEEL IS A CASE OF ‘WHEN’ NOT ‘IF’: CEO

  • *CLIFFS CEO SAYS HE’D RENAME COMPANY US STEEL IF DEAL GETS DONE

(If you search #Goncalvesing on X, you will be treated to a list of the CEO’s most colorful comments throughout the years compiled mostly by myself and Bespoke Investment Group strategist George Pearkes, which range from “off-piste” to “not suitable to be repeated in polite company.”)

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