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.