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Nippon Steel has announced its intention to move its U.S. headquarters to Pittsburgh, aligning with its potential acquisition of United States Steel Corporation. The move is seen as a commitment to the U.S. steel industry, with the company pledging the relocation in an effort to demonstrate the benefits of its proposed $14.9 billion acquisition. However, the deal faces political hurdles, notably from former President Trump, who has stated he would block the acquisition if re-elected. Cleveland-Cliffs CEO Lourenco Goncalves, in interviews with CNBC, expressed opposition to the deal, citing concerns over asset ownership remaining within the U.S. and skepticism about the deal's approval given the scrutiny from the White House and steelworkers unions.
Politics should not thwart Nippon Steel's plan to buy U.S. Steel https://t.co/VeMmkZzhH6
Nippon Steel pledged to move its North American headquarters to Pennsylvania in an attempt to assure the public that its proposed $14.9 billion acquisition of Pittsburgh-based U.S. Steel will ultimately be good for the U.S.'s domestic steel industry. https://t.co/vf617eRmUF
Good morning, Asia. This was our most read story while you were sleeping. Nippon Steel to move U.S. base to Pittsburgh after U.S. Steel deal. https://t.co/Pj1sKfsGYn
"[@POTUS] spoke loud and clear that the ownership of the assets should stay with the United States." Cleveland-Cliffs CEO Lourenco Goncalves tells @davidfaber why $CLF opposes the deal between Nippon and US Steel. $X https://t.co/siZULeQUg8
"I have full conviction that this deal between Nippon Steel and the union will never happen," $CLF CEO Lourenco Goncalves tells @davidfaber. He blasts Nippon's bid to buy US Steel a deal that has come under scrutiny from the @WhiteHouse and the @steelworkers. $X https://t.co/2RX403NPC3
Good morning, Asia. While you were sleeping, our most-read story was about Deloitte's operations overhaul https://t.co/BbXltgUkK4
Cleveland-Cliffs CEO Lourenco Goncalves says in an interview with CNBC that former President Trump told him that he would block the US Steel, Nippon Steel deal if he is elected president. $X
*GONCLAVES: TRUMP SAID HE WOULD BLOCK US STEEL, NIPPON DEAL
Nippon Steel will move its U.S. headquarters to Pittsburgh where its acquisition target United States Steel is based if the deal goes through. https://t.co/tSZDydDObU
Nippon Steel pledges to move US HQ to US Steel's Pittsburgh https://t.co/u4upA5kOZ4 https://t.co/BVLbV9S2Xt
Nippon Steel Pledges to Move US HQ to US Steel’s Pittsburgh https://t.co/FTueqwHkNS