During a news conference on Monday, Cleveland-Cliffs CEO Lourenco Goncalves went on a tirade against Japan, calling the close ally of the United States wicked, and revealed his ambition to purchase U.S. Steel.
Goncalves told reporters at the Butler Works plant in Pennsylvania, “I want to buy.” I have an all-American solution in place, and I have a plan. The focus of the all-American solution is on labor and people.
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Following CNBC’s story earlier Monday that Cleveland-Cliffs is collaborating with Nucor in a possible offer for U.S. Steel, González made his remarks. Following President Joe Biden’s blocking of the company’s sale to Japan’s Nippon Steel earlier this month due to national security concerns, Cleveland-Cliffs is attempting to acquire U.S. Steel.
Shares of Cleveland-Cliffs and U.S. Steel both closed up roughly 6% on Monday due to speculation about a possible offer. Nucor’s stock rose 4% at the conclusion of the day.
During a more than 90-minute news conference, which was supposedly held to commemorate the fifth anniversary of Cleveland-Cliffs’ acquisition of AK Steel, Goncalves embarked into a tirade against Japan.
According to the CEO of Cleveland Cliffs, China learned how to dump steel on the American market from Japan, which he characterized as evil.
Japan is a bad country. China learned a lot from Japan, according to Goncalves. China learned how to overcapacity, overproduce, and dump from Japan.
The CEO chastised Shigeru Ishiba, the prime minister of Japan, for telling Biden that he was worried about the decision to prevent Nippon from acquiring U.S. Steel. When President-elect Donald Trump takes office, Goncalves urged Ishiba to bring the same issues to the White House.
Goncalves warned Japan to be careful. You have no idea who you are. Since 1945, you have not learned anything. You were not taught the qualities of goodness, grace, generosity, and forgiveness.
In a federal lawsuit, U.S. Steel and Nippon Steel have accused González, Cleveland-Cliffs, and United Steelworkers President David McCall of conspiring to thwart the purchase.
As a blatant attempt to assign blame for the self-inflicted catastrophe of Nippon Steel and U.S. Steel, Goncalves has rejected the claim.