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Automakers Urge White House to Oppose US Steel Sale to Cleveland-Cliffs
A group representing major automakers on Friday urged the White House to oppose any effort by steelmaker Cleveland-Cliffs to buy rival U.S. Steel, warning that a deal could result in anti-competitive pricing for vehicles. "A consolidation of the two companies would also place 65 to 90% of steel used in vehicles under the control of a single company," Alliance for Automotive Innovation CEO John Bozzella said in a letter, which was first reported by Reuters. President Joe Biden said earlier this month that U.S. Steel, which has agreed to be bought by Japan's Nippon Steel for $14.9 billion, must remain a ... (full story)