Automakers group says Biden should oppose US Steel sale to Cleveland-Cliffs (NYSE:CLF)

Automakers group says Biden should oppose US Steel sale to Cleveland-Cliffs (NYSE:CLF)

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The Biden administration should oppose any effort by Cleveland-Cliffs (NYSE:CLF) to buy US Steel (X) because a deal could result in anti-competitive pricing for vehicles, the Alliance for Automotive Innovation said Friday, according to Reuters.

A merger would place between 65% and 90% of steel used in vehicles under the control of a single company, the group’s CEO John Bozzella said in a letter.

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