According to a report by Reuters, a letter from Japan Steel and United States Steel to the U.S. Committee on Foreign Investment states that Cleveland-Cliffs (CLF.US) CEO Lourenco Goncalves has anticipated at least nine times that President Biden will veto the merger of the two companies.

The report indicates that Goncalves stated at an investor conference held by JPMorgan on March 13 this year that he cannot force United States Steel to accept his acquisition, but he can ensure that a merger he disagrees with will not proceed, also stating that Biden will publicly oppose the merger. Biden publicly expressed his opposition to the merger the following day. Additionally, he made similar comments three times in analyst conference calls this year, and also raised concerns about Japan Steel's acquisition in private comments last year, often coinciding with declines in the stock prices of Japan Steel and United States Steel.