Cleveland-Cliffs expressed interest in purchasing U.S. Steel's plants if the US$14.9 billion acquisition by Japan’s Nippon Steel fails. The company welcomed the Biden administration’s national security concerns regarding the deal and stated that it’s ready to invest in U.S. Steel’s assets to protect union jobs and local communities.

The US Committee on Foreign Investment (CFIUS) cited concerns about Japan’s handling of China’s steel overproduction and the potential impact on US industries.

Nippon Steel, in response, promised to invest heavily in US facilities to safeguard American jobs and steel capacity.