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The Biden administration ought to oppose any effort by Cleveland-Cliffs (NYSE:CLF) to purchase US Metal (X) as a result of a deal might end in anti-competitive pricing for autos, the Alliance for Automotive Innovation mentioned Friday, in accordance with Reuters.
A merger would place between 65% and 90% of metal utilized in autos beneath the management of a single firm, the group’s CEO John Bozzella mentioned in a letter.
“If the administration has issues concerning the Nippon Metal deal, it should significantly contemplate various outcomes,” mentioned the group, which represents Common Motors, Toyota, Hyundia, Volkswagen and others. “One choice that shouldn’t be on the desk is an association that creates a market focus of home metal manufacturing in a single firm.”
A merger of Cleveland-Cliffs (CLF) and US Metal (X) would management “100% of the home electrical metal wanted for electrical car motors and EV manufacturing,” the group mentioned.
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