Elena Bionysheva-Abramova
For anyone who has been following Cleveland-Cliffs (NYSE:CLF) over the years, the recent bid for United States Steel Corporation (X) is hardly a surprising move.
The much-needed consolidation within the industry has been going for quite some time and Cliffs’ CEO – Lourenco Goncalves is not deviating from his aggressive M&A approach. He is certainly not the type of CEO who will be swayed by quarterly developments and temporary macroeconomic headwinds in his ambition to create a national champion in steel production at a time when geopolitical imbalances are reaching unsustainable levels.
As he is setting even more ambitious goals, however, discontent among shareholders is growing as CLF continues to underperform two of its major peers – Nucor (NUE) and Steel Dynamics (STLD).
Data by YCharts
It also appears that the deal for United States Steel would not be a…
