December 23 CFIUS notified US Steel they were unable to reach a consensus on the proposed sale to Nippon Steel and referred it to President Biden for a final decision. The President has 15 days from notification to act, meaning an announcement can be expected around Tuesday January 7th.
The eminence grise in the affair, Cleveland Cliffs CEO Lourenco Goncalves has conducted a stunningly effective public campaign to keep a deep pocketed acquirer from purchasing the rival integrated steelmaker. Cliff's own offer was spurned by the board on financial and execution concerns.
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