Cliffs CEO Lashes Out Over Losing US Steel Deal to Nippon

Cleveland-Cliffs Inc.’s combative chief executive officer Lourenco Goncalves criticized United States Steel Corp.’s decision to be taken over by a Japanese rival rather than his own company.

For the first time since losing a months-long bidding war for the iconic American steelmaker, Goncalves publicly lambasted the $14.1 billion agreement with Nippon Steel Corp., calling it a severe miscalculation. Using both a passionate and matter-of-fact tone, he accused Pittsburgh-based US Steel of intending to “break the backs” of the influential United Steelworkers union.

Lourenco Goncalves

Renowned in the metals world for his brash style, the CEO also argued that ...