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☆ Cleveland Cliffs CEO on U.S. Steel rejecting $7.3 billion buyout offer
▼ + stars: | 2023-08-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCleveland Cliffs CEO on U.S. Steel rejecting $7.3 billion buyout offerLourenco Goncalves, Cleveland Cliffs CEO, joins 'Squawk on the Street' to discuss the company's attempt to purchase U.S. Steel, the rationale behind the deal, and the regulatory approval for the deal.

Persons: Lourenco Goncalves Organizations: Cleveland, U.S, Steel, Cleveland Cliffs, . Steel

☆ Cleveland-Cliffs surges after a rejected buyout offer. Here's how the pros are playing it
▼ + stars: | 2023-08-14 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the best reactions on Cleveland-Cliffs from investors and analysts. The pros, including Jim Cramer , discussed the mining name a day after U.S. Steel said it turned down a $7.3 billion dollar buyout offer from the rival company. Cleveland-Cliffs CEO Lourenco Goncalves joined CNBC on Monday to discuss his thoughts on the rejected deal and what he sees moving forward. Shares of Cleveland-Cliffs closed 8.8% higher.

Persons: Jim Cramer, Lourenco Goncalves Organizations: U.S, Steel, Cliffs, CNBC Locations: Cleveland

☆ US Steel rejects buyout offer from rival Cleveland Cliffs
▼ + stars: | 2023-08-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Cleveland-Cliffs proposes paying $17.50 a share in cash, and 1.023 shares of Cliffs stock for each US Steel share. Based on Friday’s closing price, that would be worth $32.53 for each US Steel share, an increase of 43% from US Steel’s Friday closing price. Its letter said it will not exercise that right should Cleveland-Cliffs purchase the company, and that it would oppose any other potential purchase offer for US Steel. Cleveland-Cliffs produced 16.8 million tons of steel in 2022, while US Steel produced 11.2 million tons at its US operations and another 3.7 million tons in Europe. Cleveland-Cliffs and US Steel are the two US steelmakers that make most of their steel from raw materials, while Nucor makes its steel primarily from melting steel scrap to produce steel.

Persons: ”, Lourenco Goncalves, Nucor Organizations: New, New York CNN, US Steel, Cliffs, Cleveland Cliffs, United Steelworkers, US Steel . Locations: New York, Cleveland, US Steel . Cleveland, Europe

☆ U.S. Steel explores options after rejecting $7.3 billion offer from Cleveland-Cliffs
▼ + stars: | 2023-08-13 | by ( Jyoti Narayan | Akanksha Khushi | ) www.reuters.com time to read: +3 min

(Reuters) -United States Steel Corp on Sunday launched a formal review of its strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs Inc. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File PhotoThe unsolicited cash-and-stock offer from Ohio-based Cliffs values U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Cliffs said its offer to acquire U.S. Steel had received the support of the United Steelworkers union, which is North America’s largest steel industry union. In a separate statement later Sunday, U.S. Steel confirmed it received an offer from Cliffs and other interested parties.

Persons: rebuffing, steelmaker, Lawrence Bryant, ”, Lourenco Goncalves, Davis Polk, Milbank, Lipton, Katz Organizations: Reuters, United States Steel Corp, Sunday, Cliffs, U.S . Steel, U.S . Steel Granite City, REUTERS, Steel, U.S, China . U.S . Steel, AK Steel Holding Corp, United Steelworkers, Company, UBS, Wardwell, . Steel, Barclays Capital, Goldman Sachs Group, Milbank LLP, Wachtell, Rosen Locations: steelmaker Cleveland, U.S . Steel Granite, Granite City , Illinois, U.S, Ohio, China . U.S, steelmaker, North, Wells Fargo, J.P.Morgan, Cleveland

☆ Covid was a big wake-up call for the automotive industry, says Cleveland-Cliffs CEO
▼ + stars: | 2023-07-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCovid was a big wake-up call for the automotive industry, says Cleveland-Cliffs CEOCleveland-Cliffs CEO Lourenco Goncalves joins 'Squawk on the Street' to discuss which part of the company's business will see more upside in second-half, what's putting pressure on prices, and much more.

Persons: Lourenco Goncalves Organizations: Cliffs Locations: Cleveland

☆ Angola fuel hike protesters clash with police
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

LUANDA, June 17 (Reuters) - Angolan police fired tear gas in the capital Luanda and other cities Benguela and Namibe as thousands of protesters took to the streets a week after clashes over a recent fuel hike killed at least five people. President Joao Lourenco on June 8 fired the economic coordination minister and replaced him with the central bank governor in the wake of the deadly protests. Local media at the time quoted Angolan Economic Coordination Minister Manuel Nunes Junior, who was subsequently fired, saying the aim was to rein in government spending. On Saturday in Benguela, a large crowd of protesters holding cardboard placards were shown on social and local media as anti-riot police with batons and helmets patrolled the streets. In Luanda, police shot teargas to control the crowd, with TV footage showing at least one burning barricade spewing smoke.

Persons: Joao Lourenco, Africa’s, Manuel Nunes Junior, teargas, Miguel Gomes, Wendell Roelf, Andrew Cawthorne Organizations: Angolan, Angolan Economic, Police, Thomson Locations: LUANDA, Luanda, Benguela, Namibe, Nigeria, Angolan

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. Nevertheless Lavrov made a stopover after visiting South Africa, which his counterpart Thulisile Dladla described as a "profound honour." Eswatini relies on the United States for aid, but its absolute monarchy has suffered U.S. criticism on human rights. South Africa, alongside Russia and China, is pushing for a "multipolar" world in which geopolitical power is less concentrated around the United States. "It hasn't delivered the kind of benefits South Africa was hoping to get."

WASHINGTON/JOHANNESBURG, Oct 12 (Reuters) - Angola will keep cutting interest rates as long as inflation is kept low, central bank governor Jose De Lima Massano said on Wednesday, forecasting that inflation will fall to 16% this year and 9-10% by the end of 2023. "Today we have interest rates in Angola above 20%. And if we have room to keep on reducing them, we'll do it," De Lima Massano told Reuters on the sidelines of the IMF-World Bank Annual Meetings in Washington. Unlike most other central banks, Angola has started to lower interest rates, delivering a rate cut in September for the first time since 2019 by 50 basis points to 19.5%. "Our currency has found its equilibrium and we are not anticipating major appreciation or depreciation," De Lima Massano said.

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