Cleveland-Cliffs Stock Dips As CEO’s Anti-Japan Rant Adds Fuel to U.S. Steel Bid Controversy: Retail Sentiment Sours
Cleveland-Cliffs CEO Lourenco Goncalves' comments about Japan’s trade practices and U.S. Steel’s sale to Nippon have drawn investor scrutiny on Stocktwits.

Shares of Cleveland-Cliffs Inc. (CLF) dropped over 1% in mid-day trading Tuesday following controversial remarks by CEO Lourenco Goncalves at a press conference in Butler, Pennsylvania.
The steelmaker's chief executive unleashed a scathing attack on Japan, accusing the country of harmful trade practices amid reiterating his intention to acquire U.S. Steel Corp. (X).
Goncalves alleged that Japan had taught China trade strategies detrimental to U.S. interests, such as overproduction and steel dumping, which he blamed for long-standing overcapacity issues in the steel industry.
His remarks included inflammatory comments about Japan’s historical actions and cultural values, as well as personal attacks directed at Nippon Steel’s leadership.
“China is bad, China is evil, but Japan is worse ... Japan, beware. You don't understand who you are,” he said at the press conference.
“You did not learn anything since 1945,” he added. “You did not learn how good we are, how gracious we are, how magnanimous we are, how forgiving we are.”
He also said that he has researched how to import dogs from Japan because he wants to go after Nippon's CEO for his money, "his house, and his dog," according to Koyfin’s transcript.
Goncalves revealed that Cleveland-Cliffs had developed an “all-American solution” to secure U.S. Steel, emphasizing that his strategy prioritizes workers and American industry.
Japan has refrained from commenting on Goncalves's recent comments, according to a report by the Japan Times.
“We are aware of the news reports, but the government would like to refrain from commenting on every single statement made by the management of single companies,” Chief Cabinet Secretary Yoshimasa Hayashi told a regular news conference, dodging questions on the matter.

On Stocktwits, retail sentiment around Cleveland-Cliffs shares dipped to ‘bearish’ from ‘bullish’ a day ago even as message volume remained at ‘high’ levels.
One user said that Gonclaves rant on Japan may indicate that he’s getting desperate.
Another user speculated that all the noise Gonclaves is making could just be a strategic ploy to cover up the collapse at Burns Harbor collapse – a steel-making facility owned by Cleveland-Cliffs – which occurred last week.
The remarks come amid Cleveland-Cliffs’ ongoing effort to acquire U.S. Steel. President Joe Biden recently blocked a $14.9 billion sale of U.S. Steel to Japan’s Nippon Steel, citing national security concerns.
A CNBC report earlier this week suggested Cleveland-Cliffs may partner with Nucor, the largest U.S. steel producer, in a revised joint bid for U.S. Steel.
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