Automakers urge White House to oppose sale of US Steel to Cleveland-Cliffs
![Automakers urge White House to oppose sale of US Steel to Cleveland-Cliffs](https://devdiscourse.blob.core.windows.net/imagegallery/29_02_2020_16_57_14_7140931.jpg)
- Country:
- United States
A group representing major automakers on Friday urged the White House to oppose any effort by steelmaker Cleveland-Cliffs 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, for $14.9 billion, must remain a domestically-owned U.S. firm. Cleveland-Cliffs has said it would consider another bid for U.S. Steel if the deal with Nippon Steel falls apart.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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- Automotive Innovation
- Cleveland
- Nippon Steel
- Japan
- U.S. Steel
- Joe Biden
- U.S.
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