Cliffs’ (CLF) Chairman and CEO Lourenco Goncalves was speaking on the company’s earnings call, referencing Nippon Steel’s (NPSCY) proposed purchase of U.S. Steel (X) and Cliffs’ prior bid for the latter. Cleveland-Cliffs’ Goncalves previously told Bloomberg in an interview that he would consider another bid, with support of the USW union, for United States Steel, but at a significantly lower price than the existing offer from Nippon Steel (NPSCY), if that deal were to fail. Nippon’s proposal is to buy the company for $55 per share in cash, but if given the opportunity, Goncalves would consider a bid “in the $30s,” Goncalves had said in mid-March.
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