Cleveland-Cliffs Comments on Desperate Lawsuits by US Steels and Nippon Steels: Blaming Everyone Else for Their Own Mistakes :: Cleveland-Cliffs Inc. (CLF)

CLEVELAND–(BUSINESS WIRE)– Cleveland-Cliffs Inc. (NYSE: CLF) (Cliffs) provided the following statement regarding recent developments related to the United States government's decision to prohibit the illegal acquisition of United States Steel Corporation by Nippon. Steel from Japan:

Lourenco Goncalves, Chairman and CEO, said: As of this morning, Nippon Steel and US Steel continue to play the blame game in a desperate attempt to distract from their own failures. Today's lawsuits against the US government, USW and Cleveland-Cliffs represent a brazen attempt to make other scapegoats for the self-inflicted disaster at US Steels and Nippon Steels. US Steels executives have not received their personal compensation. Now that it is clear that they have miserably failed the shareholders they still claim to work for, they are lashing out in anger. Once again, bad approach.

Cleveland-Cliffs and the USW were not the only ones to recognize the harmful consequences of this acquisition on national security. The deal immediately sparked bipartisan opposition, including from President Trump, who repeatedly vowed he would block the deal. Shortly after the deal was announced on December 19, 2023, then-Senators JD Vance, Marco Rubio and Josh Hawley asked CFIUS to block the sale of US Steel to Nippon Steel, and told rightly that trade protections can and should incentivize foreign investment that increases domestic production and creates jobs in the United States[,] [but] [t]his company buyout is out of step with these objectives. Allowing foreign companies to buy out American companies and benefit from our trade protections defeats the very purpose for which these protections were put in place. Vance, Rubio and Hawley then sent a letter to President Biden on May 9, 2024, urging President Biden to find the courage to do the right thing. Declare whether you will exercise your presidential authority to prohibit or suspend the sale of US Steel to Nippon.

The U.S. President's final decision to block the Japan deal follows a year-long national security review and underscores the importance of maintaining U.S. control over our nation's critical steel infrastructure. Even more than China, Japan has a decades-long history of steel overcapacity and harmful dumping of steel to the United States. The destruction of good-paying middle-class jobs in the steel industry can be attributed to unfair trade practices perpetrated by Nippon Steel. The U.S. government has rightly recognized that granting Nippon Steel increasing influence through this acquisition poses a direct threat to our economy, workforce, infrastructure, and defense, all important elements of national security. Nippon Steel's overproduction in its home country of Japan is to blame for its horrific record of damaging trade practices in the United States. The risks of not seeing the deal approved were well recognized, and even David Burritt sold some of his personal shares at $50.01 on the day of the announcement, December 18, 2023.

U.S. Steel made its bed when it rejected an all-American solution and insisted on pursuing a doomed cash sale to Nippon Steel, a company known for skirting U.S. trade laws. Rather than admit this colossal error of judgment, US Steel, its CEO David Burritt and Nippon Steel opted for denunciation and legal theater. David Burritt continues to embarrass himself more with each step. Their lawsuit is completely unfounded. We are well prepared to take legal action and look forward to laying out the facts in court.

About Cleveland-Cliffs Inc.

Cleveland-Cliffs is a major steel producer based in North America, focused on value-added sheet metal products, particularly for the automotive industry. The company is vertically integrated from iron ore mining, pellet and direct reduced iron production, and ferrous scrap processing to primary steelmaking and downstream finishing, stamping , tools and tubes. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 30,000 people across its operations in the United States and Canada. For more information, visit http://www.clevelandcliffs.com.

View the source version on businesswire.com: https://www.businesswire.com/news/home/20250106689729/en/

MEDIA CONTACT: Patricia Persico Senior Director, Corporate Communications (216) 694-5316

INVESTOR CONTACT: James Kerr Director, Investor Relations (216) 694-7719

Source: Cleveland-Cliffs Inc.

Released January 6, 2025

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos