Cleveland-Cliffs could rename, relocate if it acquires U.S. Steel

Driving the news: Cleveland-Cliffs CEO Lourenco Goncalves announced Monday in a rambling two-hour press conference that if a proposed acquisition of U.S. Steel is successful, he would rename the new corporate entity "U.S. Steel" and relocate its headquarters to Pennsylvania.

What they're saying: "U.S. Steel will finally have a CEO residing in Pittsburgh," Goncalves said.

Zoom in: Pennsylvania Gov. Josh Shapiro has not yet endorsed the deal, but his spokesperson confirmed in a statement to Axios that Goncalves had made "meaningful commitments" to Pennsylvania, including moving the company's headquarters there.

Yes, but: Those plans are dependent on Cleveland-Cliffs acquisition of U.S. Steel and are still only speculative.

Catch up quick: Cleveland-Cliffs, the country's second-largest steel manufacturer, offered to buy U.S. Steel in late 2023, but U.S. Steel believed it was more likely to gain regulatory approval for a $14.9 billion offer from Japan-based Nippon Steel.

• After President Biden blocked the deal last week, U.S. Steel and Nippon sued Cleveland-Cliffs and Goncalves, accusing them of illegally conspiring to scuttle the deal.

The other side: A Cleveland City Hall spokesperson said Mayor Justin Bibb "remains committed to retaining the Cleveland-Cliffs workforce where it was founded nearly two centuries ago."

• "Keeping great jobs for generations of Clevelanders to come is and will continue to be a top priority for the Bibb Administration."

By the numbers: Cleveland-Cliffs ranked 185 on the 2024 Fortune 500 and is one of Northeast Ohio's largest employers, with 2,745 full-time employees.

• A Cleveland-Cliffs spokesperson did not respond to a voicemail seeking clarification on how many employees might ultimately relocate.
• In Goncalves' press conference, he referred specifically to the company's top executives relocating there.

What's next: Bibb will be scheduling a meeting with the Cliffs leadership team "ASAP" to learn more.