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This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.
Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago
[1/2] Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Vance on Thursday asked U.S. Steel (CLF.N) to rule out a foreign buyer, in a sign that the emerging bidding war for the iconic steel producer could run into political headwinds. Vance, a Republican, said potential U.S. buyers for the Pittsburgh-based company should have priority because domestic steel production is an important aspect of national security. "It appears to be political grandstanding from somebody out making a name for themselves more than any national security interest, said Spoores, principal analyst at CRU Group. Vance was elected to the Senate in 2022 after winning the endorsement of former President Donald Trump, a Republican who also pushed for greater domestic steel production.
Persons: Lawrence Bryant, J.D, Vance, David Burritt, David Sutherland, Josh Spoores, Spoores, Donald Trump, Bianca Flowers, Andy Sullivan Organizations: Steel, U.S . Steel, U.S . Steel Granite City, REUTERS, Thursday, Republican, . Steel, Reuters, Industry, CRU Group, The United Steelworkers Union, Senate, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Pittsburgh, Cleveland, Luxembourg, Ohio, Chicago
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