07:54 AM EDT, 03/15/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) Chief Executive Officer Lourenco Goncalves said Thursday he would consider bidding to acquire United States Steel if Nippon Steel's proposed acquisition of the company falls through, according to multiple media reports.

Goncalves suggested the proposed offer after US President Joe Biden objected to US Steel being acquired by a foreign company.

"It is important that we maintain strong American steel companies powered by American steel workers," Biden said in a statement. "US Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated."

Nippon Steel said in a statement that its offer "delivers clear benefits to US Steel, union workers, the broader American steel industry, and American national security."

Goncalves added that his bid to acquire US Steel would come at a significantly lower price than Nippon Steel's offer, Bloomberg reported.

Representatives for Cleveland-Cliffs ( CLF ) and US Steel did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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