Automakers urge White House to oppose US Steel sale to Cleveland-Cliffs
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A group representing major automakers has 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. The group, which includes General Motors, Volkswagen, and Hyundai, stated that a consolidation of the two companies would place 65 to 90% of steel used in vehicles under the control of a single company. President Joe Biden has previously stated that U.S. Steel must remain a domestically-owned U.S. firm. The automaker group also warned that a deal could drive up the cost of steel and electric vehicle (EV) production, ultimately increasing the cost of finished vehicles for American consumers. Cleveland-Cliffs has said it would consider another bid for U.S. Steel if the deal with Japan's Nippon Steel falls apart.

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https://www.investing.com/news/stock-market-news/automakers-urge-white-house-to-oppose-us-steel-sale-to-clevelandcliffs-3358169