Cleveland-Cliffs drops 4% after losing bid to acquire US Steel

From Yahoo Finance: 2025-06-19 14:04:00

Cleveland-Cliffs Inc. (NYSE:CLF) took a significant hit in the stock market, dropping by 4.43% on Wednesday to close at $7.33 per share. This decline came after Nippon Steel successfully acquired US Steel Corp, causing investors to sell off their positions.

The acquisition by Nippon Steel had been a long-standing issue, with Cleveland-Cliffs repeatedly attempting to acquire US Steel since 2023. Former President Joe Biden had previously blocked Nippon Steel’s purchase plan due to national security concerns, leading to a series of rejected proposals.

President Donald Trump eventually approved Nippon Steel’s acquisition on the condition that they sign a national security agreement with the US government. Cleveland-Cliffs Inc. is a US-based steel and iron ore manufacturer headquartered in Cleveland, Ohio, known for supporting Trump’s tariffs on steel imports.

The imposition of duties on imported steel and aluminum products has made domestic manufacturers like Cleveland-Cliffs Inc. more attractive to customers. This shift could potentially increase demand for their products, support competitive pricing for locally-produced goods, and lessen competition with international producers.

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Read more at Yahoo Finance: Cleveland-Cliffs (CLF) Dives 4% After Losing US Steel Bet