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Automakers urge White House to oppose sale of US Steel to Cleveland-Cliffs
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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.

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