From Investing.com: 2024-03-29 13:55:37

Major automakers are urging the White House to oppose a potential deal by steelmaker Cleveland-Cliffs to buy rival U.S. Steel, citing concerns of anti-competitive pricing for vehicles. President Biden emphasized the importance of U.S. Steel remaining domestically-owned. A combination could control all domestic electrical steel used in electric vehicle production, raising costs for consumers. The group representing automakers warned of increased steel prices affecting finished vehicles, including EVs. They previously raised concerns about steel used in vehicle structural frames, automotive panels, and EV motors.



Read more at Investing.com: Automakers urge White House to oppose US Steel sale to Cleveland-Cliffs By Reuters