financetom
Business
financetom
/
Business
/
Automakers urge White House to oppose sale of US Steel to Cleveland-Cliffs
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Automakers urge White House to oppose sale of US Steel to Cleveland-Cliffs
Mar 29, 2024 10:10 AM

WASHINGTON, March 29 (Reuters) - A group representing

major automakers on Friday urged the White House to oppose any

effort by steelmaker Cleveland-Cliffs ( CLF ) to buy rival U.S.

Steel, warning that a deal could result in

anti-competitive pricing for vehicles.

"A consolidation of the two companies would also place 65 to

90% of steel used in vehicles under the control of a single

company," the Alliance for Automotive Innovation said in a

letter seen by Reuters.

President Joe Biden said earlier this month that U.S. Steel,

which has agreed to be bought by Japan's Nippon Steel ( NISTF ),

for $14.9 billion, must remain a domestically-owned U.S. firm.

Cleveland-Cliffs ( CLF ) has said it would consider another bid for U.S.

Steel if the deal with Nippon Steel ( NISTF ) falls apart.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
This sustainable jewellery brand is luring some women away from gold
This sustainable jewellery brand is luring some women away from gold
Oct 30, 2023
Aulerth's offerings range from ₹5,000 to as high as ₹2.8 lakh. Are women willing to spend this much on jewellery made from scrap? Founder and CEO Vivek Ramabhadran definitely believes so. Aulerth produces couture-inspired pieces in association with designers like JJ Valaya, Suneet Varma, among others. It has reported 33% repeat customers in the past year and expects a spike to 40% soon.
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Suzlon's S144–3 MW wind turbines get big boost from Indian government
Nov 15, 2023
Th Suzlon wind turbines received the RLMM (Revised List of Models & Manufacturers) listing from the Ministry of New and Renewable Energy, marking an important milestone for the successful commercialisation of the product. Shares of Suzlon Energy Ltd ended at ₹40.49, up by ₹1.85, or 4.79%, on the BSE.
SJVN secures 200-MW wind power project at ₹3.24 per unit
SJVN secures 200-MW wind power project at ₹3.24 per unit
Nov 16, 2023
Projected to generate 482 million units in its inaugural year post-commissioning, the cumulative energy generation over a 25-year span is anticipated to reach 12,050 million units. Shares of SJVN Ltd ended at ₹75.17, down by ₹0.50, or 0.66%, on the BSE.
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Tata Power Renewable Energy wins 200-MW project in collaboration with SJVN
Nov 28, 2023
The firm and dispatchable renewable energy (FDRE) project, designed with a hybrid of solar, wind, and battery storage, is aimed at providing a stable and dispatchable energy supply during peak hours. Shares of Tata Power Company Ltd ended at ₹270.75, up by ₹12.60, or 4.88%, on the BSE.
Copyright 2023-2026 - www.financetom.com All Rights Reserved