U.S. Steel blasts 'misinformation' on Nippon Steel deal from rival Cliffs

Letter from board claims 'attack' by failed bidder aiming to derail acquisition

U.S. Steel argues that Cleveland-Cliffs is trying to sabotage the acquisition by Nippon Steel after its own failed bid. © AP

AZUSA KAWAKAMI, Nikkei staff writer

May 22, 2024 05:35 JST

DETROIT, Michigan -- U.S. Steel's board of directors on Tuesday released a letter to "correct the record" on what it called "misinformation" pushed by rival Cleveland-Cliffs about U.S. Steel's planned buyout by Nippon Steel.

The letter said that "unfortunately, we have found ourselves in the midst of a long-running misinformation campaign targeting our company, our investors, our employees and our business partners."