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US Steel, Nippon Steel seek to expedite monopolization suit against Cleveland-Cliffs

( January 6, 2025, 20:18 GMT | Official Statement) -- MLex Summary: US Steel Corp and Nippon Steel Corp have asked a Pennsylvania federal court to expedite proceedings in their antitrust lawsuit against Cleveland-Cliffs and United Steelworkers Union on claims relating to an unlawful agreement. In a motion filed at the Western District of Pennsylvania, they said the defendants engaged in an anticompetitive conspiracy and agreed to force US Steel to merge with Cleveland-Cliffs and prevent US Steel from partnering with any other counterparty, including Nippon Steel. "The illegal agreement has not only deprived U. S. Steel of the competitive boost offered by NSC, but also succeeded in blocking NSC’s significant efforts to expand its footprint in the United States. In the meantime, competition in iron and steel markets is the loser as Cliffs achieves ever greater market power and uses that market power to increase prices and restrict output, as Cliffs’ Goncalves has brazenly admitted," the filing said.See attached document...

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