Steel News

We strive to let you one step ahead of the market.

Automakers oppose potential Cleveland-Cliffs acquisition of US Steel

2 Apr 2024 17:11 reported by Stanley Wang

A A A
Major automakers, including General Motors, Toyota, Volkswagen, and Hyundai, have voiced strong opposition to a potential acquisition of US Steel by Cleveland-Cliffs. The Alliance for Automotive Innovation, representing these manufacturers, expressed concerns over anti-competitive pricing for vehicles if such a deal were to proceed. The Alliance highlighted that the consolidation would grant a single company control over 65 to 90% of steel used in vehicles.

President Joe Biden has emphasized the importance of US Steel remaining domestically-owned amid its agreement with Japan's Nippon Steel. However, Cleveland-Cliffs has hinted at a possible bid if the Nippon Steel deal fails. The automaker group warned against concentrating domestic steel production into one entity, especially noting its potential impact on the electric vehicle (EV) market.

Back to Steel News

Related News

Vietnam's steel exports increase in Q1 y-o-y

  • Industry activities
  • 23 Apr 2024 16:29

ThyssenKrupp Materials Services & ThyssenKrupp Steel Europe sign MoU for eco-friendly steel procurement

  • Industry activities
  • 23 Apr 2024 16:13

China’s social stocks of 5 major steel products in week ending Apr. 19 decrease w-o-w

  • Industry activities
  • 23 Apr 2024 16:10

Some countries launch AD investigations to resist Chinese steel exports

  • Industry activities
  • 22 Apr 2024 17:37

Ferrexpo to construct solar power plant & trolleybus line for sustainable operations

  • Industry activities
  • 22 Apr 2024 16:16

Metal Price Index

Learn more

LME Official Bid Price

  • Zinc
  • 2,792.00
  • 2,814.00
  • Aluminum
  • 2,653.00
  • 2,660.00
  • Copper
  • 9,814.00
  • 9,900.00
  • Nickel
  • 19,010.00
  • 19,200.00

Learn more

Coil Exchange Center

  • 2B Coil-May
  • 2,460
  • 2,320
  • NO1 Coil-May
  • 2,430
  • 2,290
  • 2B Coil-May
  • 2,460
  • 2,320
  • NO1 Coil-May
  • 2,430
  • 2,290

Learn more