"I have a plan, I have an all-American solution in place. The all-American solution centers on people, on workers," said Cleveland-Cliffs CEO Lourenco Goncalves.

In dual lawsuits filed Jan. 6, U.S. Steel Corp. and Nippon Steel Corp. blame the Biden administration's politicizing its national-security review as well as the behind-the-scenes actions by rival Cleveland-Cliffs Inc. and United Steelworkers International President David McCall for scuttling the $14.9 billion deal.

The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.

The CEO of American-owned and operated Cleveland Cliffs says he’s putting in a bid to buy U.S. Steel. He says it’s not a matter of if, but rather when.

Cleveland-Cliffs offered the company roughly $7.3 billion for a buyout in July 2023, though it was rebuffed. In a lawsuit filed earlier last week, U.S. Steel and Nippon say Cleveland-Cliffs conspired with the United Steelworkers Union to put pressure on Biden and the regulatory process to steer the deal back into its hands.

U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.

Cleveland-Cliffs CEO Lourenco Goncalves criticized the deadline extension keeping Nippon Steel's bid to acquire U.S. Steel alive months longer than originally intended.

Cleveland-Cliffs CEO Lourenco Goncalves announced Monday in a rambling two-hour press conference that if a proposed acquisition of U.S. Steel is successful, he would rename the new corporate entity "U.

If Cleveland-Cliffs is able to acquire US Steel, its CEO says the headquarters of the new entity would be in Pittsburgh, not Cleveland.