A possible new takeover bid for U.S. Steel emerged on Monday, teeing up more turmoil over the once-dominant company’s future after President Joe Biden’s decision to block its acquisition by a Japanese company.

Lourenco Goncalves, CEO of a U.S. competitor, Cleveland-Cliffs, said his company had “an All-American solution to save the United States Steel Corporation,” stressing that acquiring U.S. Steel was a matter of “when,” not “if.” But he offered no details of the bidding plans.

The renewed expression of interest from Cleveland-Cliffs comes less than two weeks after Biden blocked a $14 billion takeover of U.S. Steel by Nippon Steel, arguing that the sale posed a threat to national security. Cleveland-Cliffs tried to buy U.S. Steel in 2023, an offer that was rejected in favor of Nippon’s higher bid.

CNBC reported Monday morning that Cleveland-Cliffs would seek to take over U.S. Steel and sell off its subsidiary, Big River Steel, to Nucor, another U.S. producer. But Goncalves, at a news conference later in the day, would not confirm any partnership with Nucor on a bid.

U.S. Steel and Nucor did not respond to requests for comment. But the fate of Nippon’s proposed takeover remains in limbo. U.S. Steel and Nippon sued the U.S. government last week in the hopes of reviving their merger, accusing Biden and other senior administration officials of corrupting the review process for political gain and blocking the deal under false pretenses.

The companies filed a separate lawsuit against Cleveland-Cliffs, Goncalves and David McCall, international president of the United Steelworkers union. They argue that Cleveland-Cliffs and the head of the union illegally colluded to undermine the Nippon deal, assertions that both defendants called “baseless.”

On Saturday, the companies said the Biden administration had delayed enforcement of its executive order blocking Nippon’s takeover until June, to give the courts time to review the lawsuit.

“The problem is, we can’t make anything happen until the current management and the current board of U.S. Steel make the decision to abandon the merger agreement with Nippon Steel,” Goncalves said at a news conference in Butler, Pa., on Monday.

Given this rancor, it is unclear how receptive U.S. Steel would be to a new bid by Cleveland-Cliffs. If U.S. Steel does not engage, one option would be for Cleveland-Cliffs to take an offer to shareholders.

The United Steelworkers, which represents 11,000 U.S. Steel employees, has voiced strong opposition to the proposed merger with Nippon.

A new bid by Cleveland-Cliffs, if it materializes, risks scrutiny from federal antitrust regulators, though regulators in the incoming Trump administration are widely expected to take a less aggressive approach to merger enforcement than their Biden administration predecessors.

— New York Times

China saw record $1T trade surplus last year

China announced Monday that its trade surplus reached almost $1 trillion last year as its exports swamped the globe, while the country’s own businesses and households spent cautiously on imports.

When adjusted for inflation, China’s trade surplus last year far exceeded any in the world in the past century. Chinese factories are dominating global manufacturing on a scale not experienced by any country since the United States after World War II.

The outpouring of goods from Chinese factories has drawn criticism from an ever-lengthening list of China’s trade partners. President-elect Donald Trump, who will take office next week, has threatened to escalate already aggressive U.S. trade policies aimed at China.

Starbucks revises restroom policy again

If you want to hang out or use the restroom at Starbucks, you’re going to have to buy something.

Starbucks on Monday said it was reversing a policy that invited everyone into its stores. A new code of conduct — which will be posted in all company-owned North American stores — also bans discrimination or harassment, consumption of outside alcohol, smoking, vaping, drug use and panhandling.

Starbucks spokesperson Jaci Anderson said the new rules are designed to help prioritize paying customers. Anderson said most other retailers already have similar rules.

The code of conduct warns that violators will be asked to leave, and says the store may call law enforcement, if necessary. Starbucks said employees would receive training on enforcing the new policy.

The new rules reverse an open-door policy put in place in 2018, after two Black men were arrested at a Philadelphia Starbucks where they had gone for a business meeting. The individual store had a policy of asking non-paying customers to leave, and the men hadn’t bought anything. But the arrest, which was caught on video, was a major embarrassment for the company.

— From news services