we're getting an inside look from cleveland cliff ceo next.ss' lydia hu. >> reporter: good morning, maria. desperate and baseless, that's how the targets of a pair of lawsuits filed by u.s. steel and nippon steel are describing the last ditch effort to save their deal. coming up, we're going to get into the battle to shape the american steel industry, that's next. check in time is 3:00 it's 2:55. i know. is this what he's doing now? as your host, i have some rules. first, no showers longer than 5 minutes. this isn't a spa. no games. no fun. yes, coach. (♪) meanwhile, at a vrbo... when other vacation rentals make you share your turf with a host, try one you have all to yourself. at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a

joining me is the man himself, the ceo of cleveland-cliffs, lourenco goncalves, cleveland-cliffs is ang north american based steel pro producer focused on value added sheet products particularly in the automotive industry. thank you for being here. what is the status of this deal? >> you mean the deal between u.s. steel and nippon steel? i believe that that's the one you are asking me for. that one was blocked on national security grounds. maria: i know it was blocked on national security but you just said in that press conference that nippon still has its bid out there. >> yeah. as far as i know, national security is not for sale. national security is -- yesterday we demonstrated what five years of working together with the workforce, working together with the local authorities, new york, the commissioner, the sheriff that was there, big shout-out to the sheriff, they were all there with me. the community knows very well that five years of good management, five years of working together with the people on the ground can change everything and protect national security. national securi

steal mistake news a few moments ago from ceo of cleveland cliffs.e ceo of nippon steel says not giving up on 14-billion-dollar takeover bid of u.s. steel was blocked by president biden last week the companies filed joint lawsuits yesterday accusing biden the steel workers union president and ceo of cleveland cliffs we spoke with of teaming up to block the transactions. lorenzo told me just a few moments ago, after his company failed to acquire u.s. steel last august, that he is seeing a change in the backdrop of the steel industry. he also last august told ruz reuters he narpd at least nine calls that president biden would scuttle the any on an steel merger lorenzo defended himself on this program. . >> are you prepared to move your bid up are you prepared if nippon doesn't go through to make another bid at much higher price? >> not much -- i am not, simply, changes, the backdrop of the market chain we have a new president coming to town, and coming what they are trying to two is -- trump said right away that the deal would be blocked immediately. >

so i have cleveland cliffs -- >> cleveland cliffs? >> throw in a bomb this morning. >> yes. or a press release -- >> the whole time. this has just been -- >> he'll be able to respond because we're going to have -- we're going to have dave bird from u.s. steel joining us in the coming hour. >> all bases covered. our team coverage -- >> yes. >> that's good. >> you should use some of what we have for that. lorenzo to respond next. >> how about i call him on the cornell thing? >> i didn't know -- i was in miami having a good time. i was relaxing there. >> good for you. >> thank you. nice down there. warm. >> it is good to be back all at the desk. see you tonight, jim. "mad money" 6:00 p.m. eastern time. as david said -- >> was there a stock we didn't mention? >> i don't think. >> company david burr itt and im services in a minute. welcome to another hour of "squawk on the street." i'm sara eisen with carl quintanilla and david faber live as always from post 9 of the new york stock exchange. s&p 500 is a little higher. it is health care for a change up 1.3% as the sector. materia

steel's competitor, cleveland cliffs, what are they saying about this?eo, lorenzo gone sal stress, he says he saw this lawsuit coming, and he's fully prepared to defend himself in court. he did not the discuss directly the merits of the accusations which are that cleveland cliffs conspired9 with the union to block the sale of u.s. steel, but he did talk about whether he would make another bid himself to buy u.s. steel. recall that cleveland cliffs offered $54 a share in a cash and stock offer to buy u.s. steel, and that competed with nippon's $55 per share offer, all cash there. well, gonsalves says that's off the table, he's not going to revisit. >> new york i'm not. i'm not if. the situation has changed. the backdrop of the market changed. we have a new president coming to town, and tariffs are coming. what they're trying to do is -- [inaudible] >> reporter: and now we see u.s. steel and nippon, you know, filing these lawsuits against the government, against cleveland cliffs, against the union in a last ditch effort to try to save their deal. gonsalves

i will say cleveland-cliffs is close to president elect trump.pen here. i do believe that when you speak to lorenzo, i tell you, he is so close to trump that i really think that lorenzo has it done and i think it's an interesting deal. >> that is kind of what you are dealing with that if he is close enough and if you move back the termination date with the biden's already saying the deal could happen then you have this bid according to my sources in the high 30s all- cash and with the immediate big river to nucor. >> i think that cleveland- cliffs gets it from the beginning and i have been saying that and they will get it. >> >> lorenzo is a winner. >> as we go to break some important metrics to watch. and it is a 14 month high and we get this tomorrow and it's hanging onto a nice gain and a lot of that adding 142 points as this advantage advanced notices role in. be right back. only the servicenow platform connects every corner of your business, putting ai agents to work for people. like secret agents? no, more like autonomous minions that you c

steel in the balance, the ceo of cleveland cliffs weighs in.traffic noises) (♪♪) the road to opportunity. is often the road overlooked. (♪♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. i didn't do this for the lights. or the fame. i did it to pay it forward to the next generation of athletes. and pass on the support my family gave me. i believe in sofi because they give the same support to millions of members. helping them bank, borrow, and invest for their future. ♪♪ because for most people, it's not about the lights— or the fame. ♪♪ it's about their ambitions. ♪♪ sofi. get your money right. >>> we had a story and we need answers. president biden blocked nippon steel from acquiring u.s. steel, citing national security concerns. this is where biden and trump are on the same page the formal decision has set a bunch of things in motion. they sued the federal government. good luck there. they sued rival tee

the other is against cleveland- cliffs. >> cleveland-cliffs has said over and over again, they're going can to get it. he's gone silent here. i'm speaking out about lorenzo. i've been trying to get him over and over again to get him on air. he's been very, i would say effusive about what's going on. but told me again and again, he has the room to be able to do this. meantime, his stock has just been clubbed. so i don't think people necessarily want his stock. but the steel stocks all together have been horrendous. and a lot of that is i believe the mexican transit of steel. newport, a fine company, that really i think is spot on when it says it's chinese steel depressing the market. >> you've seen the percentage of s & p stocks below material today. 4%. >> the untold story of the underneath what's going on. you've seen the fed. then you look at the materials, and you say one thing that is under control is every building block of everything, whether it be wood, whether it be plastic, whether it be metal. they're just falling apart. people aren't talking about it, because we're so busy ta

steel after their blocked merger, and how cleveland cliffs is getting roped in. the details, when "fast money" returns. >>> this is "fast money" with melissa lee, right here on cnbc. at morgan stanley, old school hard work meets bold new thinking. to help you see untapped possibilities and relentlessly work with you to make them real. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. what if your mobile network wasn't by investing in the s&p 500 with spy. just built to work out here... ...but was designed differently to also give you blazing fast wifi where you are most of the time? reliable 5g, plus wifi speeds up to a gig where you need it most. xfinity mobile. xfinity internet customers, ask how to get a free 5g phone and a second unlimited line free for a year. >>> now to our call of the day. apple downgraded to a sell, calling the iphone maker decidedly unattractive. the firm cutting the price target by 14 bucks to $188, tha

steel's competitor, cleveland cliffs.isten here. >> the union, the united steelworkers have been among the loudest critics of this deal. >> i'm sorry to interrupt. the international union? >> yes. >> the workers, no. i'd invite anyone to talk with the workers and get the truth, how they feel about this deal. because the international hasn't had any dialogue with the workers. they don't understand this deal and from the very beginning they had given their rights to a competitor so there's some alliance there that we need to understand better. >> reporter: well, cleveland cliff's ceo issued a statement in response to the lawsuit filed today and referred to a bid that they made to buy u.s. steel saying this, quote, u.s. steel made their bed when they rejected an all american solution and insisted on pursuing a doomed to fail cashout sale to nippon steel. also david mccall said the claims made against him are baseless and he will vigorously defend them and the doj declined to comment on the lawsuits. taylor: you have been all

why cleveland-cliffs and nucor may make a bid for u.s. steel. we're continuing to monitor the devastation from the deadly wildfires in california. the latest on the damage as firefighters brace for more dangerous winds. don't go anywhere. "fast money" is back in two. >>> this is "fast money," with lia le rhteronnbmesse,ig he cc. pull fast, not hard. don't be afraid of the birds they're just as scared of you. can i ask you about some financial stuff? you know i hate giving out advice. talk to a financial professional today. feel comfortable about tomorrow. massmutual. (vo) what does it mean to be rich? feel comfortable maybe rich is less about reaching a magic number... and more about discovering magic. ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. >>> welcome back to "fast money." firefighting efforts continue in southern california as dangerous winds and dry weath

i think if you are at cleveland cliffs trying to make the case there's national security concern therehat are still happening. >> he has been for some time. yesterday i reported cleveland cliffs has partnered on a bid that will sit there for some time because the termination date for the deal under the rejection by president biden has now been pushed back to june 18. same day for the merger agreement between nippon steel and u.s. steel expires. there is no need for cleveland cliffs to come forward with the bid but they do have that agreement and they would offer something in the high 30s. the stock is up and was up yesterday on that as well. we have a lot more market coverage for you. sarah has more from the nrf as well. don't go anywhere. >>> we are live from retails biggest show. everyone from tapestries to home depot and microsoft is here this hour. we will speak with shopify's president, harley finkelstein. they are powering 10% of all u.s. e-commerce. em what are you seeing from

first it was cleveland cliffs that made a deal, and then nippon steel came in and made a ridiculous bidu've got the think what's nex. their infrastructure needs to be replaced, so watch new core, watch cleveland cliffs, and they'll still be in the mix. but u.s. steel needs to partner with somebody, and this the being blocked, while we understand some of the reasonings behind it, it doesn't bode well right now for the people at u.s. steel. cheryl: we're talking about pennsylvania, president-elect trump add that said he would not allow this deal go through, kamala harris said she would not allow the deal to go bo through, so here we go. >> yeah. i think trade is one area where we've seen a trend towards protectionism in both parties. i think the real question is what does donald trump do when he's president to ten in, perhaps, to save u.s. steel. is this an opportunity to use dpa or actions the federal government could take to shore up some of these critical industries in the domestic supply chain. cheryl: and to be clear, nippon seal has floated the idea of a -- nippon steel has floated

declined to comment in cleveland cliffs has not responded. >> we will take it, thank you very much indeed the ceo of royal palm industries the second largest real estate developer in the world and he joins me now. you have input on this deal deal, do you support biden pocket the deal. if so, why? >> do i support biden in support preserving american companies. i support preserving and making jobs but would diminish traders in the administrations get involved in business it's a delicate balance, they have to look full-circle and american steel needs capital. how are they addressing the fact that they're getting need a certain amount of capital to continue working because of were not preserving jobs if they start shutting down mills. >> 's. political nationalism. that's the only thing that is going on. u.s. steel needs capital. where did they get from is not japan? >> exactly, this again is the administration not looking full-circle. what happens when they do this this is where we start to see costco up again. from a developer standpoint we can have construction costs continue to increase. w

we are in the process of reaching out to the union and cleveland cliffs u.s.ompetitor and d.o.j. to get comments on all of this. sources that are familiar with the companies think you believe if they're able to get a new cfius review process under the trump administration that this deal would be approved. nippon will be clear to acquire u.s. steel. i should mention, as we know president-elect trump has been clear about his opposition and concern about nippon proposed acquisition as well. it's not clear whether that is the path forward. u.s. steel is telling me they are confident that president-elect trump will look at the merit of the deal and not the politics of the matter and they hope that they'll be open to considering the deal moving forward. finally i did ask dave burritt, the ceo about the future of u.s. steel without an investment of nippon. he said without nippon's investment, jobs in western pennsylvania might have to be moved elsewhere to other planes that are operating efficiently for u.s. steel. he said without nippon that is a possibility moving

steel rising at this hour that cleveland cliffs, two steel rivals may issue a joint bid for u.s., the first one reportedly be in a high $30 share range. up six and a third% to $36.33 offer for ust on national security grounds. today the u.s. government also extended the deadline from next month to june for nippon steel to decide about abandoning the deal, cleveland cliffs support a half percent, newport of three and a third%. we have actual big merger monday news, johnson & johnson making the biggest deal in two years, the pharmaceutical giant announcing today it will buy drugmaker intercell cellular therapy for 14.6 billion or $132 a share. it is up 34% but it is below that price, is at $127.26. it's used to treat schizophrenia and depressive episodes associated with bipolar disorder. j&j getting a little bump up 2% staying with the merger news, bill ackman say nice try but i'll take it from here to real estate development company howard hughes holdings, shares of hhh are gaining 10% at the moment after bill ackman offered to buy every share it doesn't already own, the price $85

cleveland cliffs, unionized, really didn't want this merger. had a bid for u.s.o nippon steel which gave a better offer to the shareholders. but they want a monopoly on u.s. domestic steel production for things like evs. >> yeah. and they lobbied this white house to block this this deal, and they had the support of union leadership because they would like to have, as you say, essentially, a u.s. cartel on steel making with protectionism against any foreign competition. of course, the problem though, paul, is cleveland cliffs doesn't have the money to do this bid. they certainly don't have the money necessary or that was being offered by nippon to revive u.s. steel's capacity. and so what may end up happening because of this lobbying and because joe biden jumped onboard with this and donald trump as well too is that you could have this major u.s. manufacturer being sold off piecemeal. it's hard to see how any of this helps the economy, u.s. workers or national security which were supposedly the arguments biden made many blocking it. paul: something dan called the

steel that involves cleveland cliffs buying up u.s. steel for an offer that might be, according to sources, in the high 30s per share. only to take over the whole company and sell the division of u.s. steel to a new course steel, all three of the companies are in the green right now and u.s. steel by 7.5% in cleveland cliffs by four point sent. u.s. steel got blocks from nippon steel for national security reasons. on the interest rate side we continue to step higher for the benchmark 10 year u.s. treasury note yield. we are 4.776% now and we got as high as 4.805% earlier in the session and that would put you at the highest level going all the way back to november of 2023. if you're watching that move higher in deals over the last couple of months, keep an eye on the 4.8% range because we are approaching territories where may be some value buyers are in or will the bond vigilantes that have expressed concerns about our fiscal situation in the u.s. emerge victorious. i will send it back. >> that is the question. if you're looking for som

cleveland-cliffs was a rival bidder for u.s.nd repeatedly cast doubt on the deal's prospects to investors. listen in. >> the statements coming from the ceo of u.s. steel called the president of the united states corrupt. as an american i feel offended. this is just absurd. >> by the way, the u.s. steel ceo burritt had also claimed that cleveland-cliffs was behind some of this, too, and that they've been going after them for the issues on this, too. shares of u.s. steel are down about 15% since the deal was first announced in december of 2023. obviously a lot of questions still to play out if there would be a review of the cfius version -- vision on this, whether incoming president trump would change his mind on any of these things, whether there would be another bid from cleveland-cliffs, if not, and whether u.s. steel would consider any of these things. but obviously something that's being watched very closely and we will see where this goes. >>> coming up, more activist investors putting ceos on notice. leslie picker has a loo

additionally, the company has filed a second lawsuit against rival bidder cleveland cliffs, its ceo andinated actions aimed at preventing the deal. the us has signalled it might move its pittsburgh headquarters and move its oldest steel mills if it doesn't find a buyer for the company. students in india have been protesting for weeks, alleging irregularities in the recently held a state civil service examinations. a prominent political strategist, who has been on an indefinite hunger strike demanding an investigation, was arrested and later given bail on certain conditions which he has refused. students allege the exam paper was leaked and governmentjobs in india are highly coveted so the public exams crucial is to secure them up late by rampant cheating scandals and paper lea ks. our correspondent has more. millions grind in an endless hustle. for their only chance at a stable future. taking countless exams for a coveted governmentjob. the stakes are high but the examination system is broken. translation: we study so hard but exam papers are leaked. - their dreams crushed each time by

cleveland cliffs expressed interest saying they would fund the deal in -- using debts.or would use assets. goldman sachs promoted key executives in combined teams to form a capital solutions group, recognizing the growing importance of private markets. the chief executive says the restructuring reflects goldman's desire to operate at the fulcrum of one of the most important structural trends taking place in finance. coming up, trump's economic team is said to be discussing a gradual approach to tariffs. the market reaction and. stay with let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪ >> good mrs. bloomberg daybreak: europe i'm tom mackenzie in london these are the stories that site your agenda. donald trump is looking at a slow and steady approach to tariffs, st

. >> that is why they wanted the steel so badly because you will remember cleveland cliff offered to billion but the concern was that there would not be enough meat on the bones to appease some of the antitrust regulators because that union would have bought 95% of iron ore production under one company so again bringing back the regulatory concern but this time around there are global repercussions and in the fallout of this decision from joe biden, even his inner circle showed some concern. janet yellen voicing concerns simply that japan is the u.s.'s number one foreign direct investor. does this affect the relationship? you are concerns from the prime minister saying this could hurt some of the alliances around the approach to china and the south china sea situation and again you are seeing the other side of the situation is the likes of those who supported the decision saying this is how you keep energy and commodity security under the arm of the u.s.. one of the foundations in terms of building out the infrastructure of the u.s., designed and built in china, talking about tiktok

>> there is more to aspire, like with cleveland cliffs. i think you cut deals with the japanese counterpart that would make this more palatable from that perspective. but on national security counts, i don't understand that objection, i don't get it. i agree with jason in substance but not in tone. >> surprising was the tone for me. u.s. steel is part of the fabric of pennsylvania. philly has the liberty bell and pittsburgh has u.s. steel, what is your take on the whole thing? >> this is the problem about making policy based on nostalgia. it sounds like the kind of decision that donald trump would have made. because it is named u.s. steel and because in the '80s it was something we were so proud of turning around. i can't imagine donald trump would do anything to reverse this. probably in the same way that joe biden kept a lot of the donald trump tariffs. it seems like there really is no end to outbidding people on populism with no real sound economic basis. this is just a bailout to the unions who oppose this deal on nothing other than se

lisa: did you see the commentary from the cleveland cliffs ceo? on steel says we will make investments -- need pond steel saying we will -- nippon steel saying we will make investments. jonathan: employees celebrate lunar new year as u.s. and chinese officials scrutinize the chip giant. beijing investigating antitrust allegations. annmarie: beijing is looking into nvidia. they have a probe on the company. when you talk about with the white house just did in terms of that tier approach on ai chips, nvidia blessed the administration. he's going to china now to probably talk about some of these new curves. he's going to china the same time you get trump coming in. a lot of executives were invited to attend the administration. he will do some external diplomacy. jonathan: the stock is up this morning. some weakness is creeping into that name another big once. lisa: -- ones. lisa: you are looking at a time when there are questions around delays of certain chips and some companies ratcheting back some of their orders from nvidia. they are hamstrung betw

joining me now is cleveland cliffs ceo.e lobbyists are trying to turn trump in favor of nippon's purchase of u.s. steel. you want to buy u.s. steel u.s. company. what do americans need to understand need to understand about that given the fact that your bid comes in a little lower than apparently nippon would offer here? >> laura, a great pleasure being with you. my offer is the only one that's acceptable for the united states because nippon steel was blocked on national security grounds. nippon steel did not present a plan that could work and clearly nippon steel would never create a operation in which put workers in america first. we are the only ones that implement the plan of president trump and that is coming. we can't wait another five, six days to have this thing going. >> laura: lourneco your remarks are attention to shift away from the legal monopolistic conspiracies that you are engaged in. all in the faith of declining performance at your company suing you for, i guess, you know the equivalent of tortuous interfe

cleveland cliffs declining to buy u.s. steel and shares of united steel up 6%. >> all right.na partsinevelos. we'll talk about shares of honeywell today. >>> sector sort is sponsored by sector spdr etfs. >>> coming up next, we'll t se you up with kb home results in o.t. the market zone is next. ah, these bills are crazy. she has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. finding the right path takes experience. as a national leader in municipal investment banking and wealth advisory services hilltopsecurities can help you find the best path to reach your financial goals. with the backing of a diversified financial services enterprise, deep industry knowledge, and a 75-year history of innovation, we don't follow the herd. we lead it. pete g. writes, "my tween wants

tuesday, the ceo of cleveland-cliffs back with us on what comes next in the nippon, u.s.mp's oval office return just days away. wednesday, can congress use one big bill to accomplish the trump agenda? house ways and means committee chairman jason schit smith willn knee. thursday, roger williams is here on how the republican majority will help struggling american business owners. friday, bank of america reports thearnings. jim demar will join me.rs it's allon right here on "mornis with maria." oh yeah. borrow up to a hundred thousand dollars to consolidate bad debt and save money for your next goal. take a swing at your kitchen reno... meant that literally. or design your actual dream wedding. consolidate bad debt and fund all your ambitions with a sofi personal loan. go to sofi.com to view your rate. sofi. get your money right. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly re

steel company now, especially in light of today's news, cleveland cliffs did, who i used to work for,id to u.s. steel might still happen. >> i was into the company, trying to get them to come on the show. here is the problem honestly. the steel stocks are the worst stocks in the market. i think you could buy the stock and if you are want to go take a point or two down, it's okay. but you have to accept the fact that's exactly what could occur. and that, ladies and gentlemen, is the conclusion of "the is the conclusion of "the lightning round" >> announcer: "the lightning round" is sponsored by charles schwab. anagement skills in the biz. tech asst: actually i'm seeing something from schwab. (uh-oh) producer : yeah, schwab lets you invest and trade on your own. and if you want they can even manage it for you. not to mention, schwab has a team of specialists for taxes, insurance, and estate planning. both producers: all with low fees. carl: we're experiencing technical difficulties... uh, carl... schwab! schwab. a modern approach to wealth management. the future is not just going to hap

in a separate lawsuit, the companies accused a steelmaking rival, cleveland-cliffs, of engaging in racketeeringo block the deal. today, governor newsom is going to be giving an update on california's high speed rail project. he's set to appear in kern county with the ceo of the high speed rail authority. phase one of california's bullet train project will eventually connect san francisco to la. the first 171 miles of track are currently under construction between merced and bakersfield. despite some progress, construction is billions of dollars over budget, and it isn't even clear if the incoming trump administration will continue to provide federal funding for it. a busy weekend for many mexican bakeries in the bay area. ahead of today's three kings day celebration, bakeries like la mejor, excuse me, la mejor on 24th street in san francisco's mission district are selling dozens of the traditional rosca de reyes cake. it's a sweet, flaky pastry decorated with dried fruits and other morsels, symbolizing the gifts that were brought to baby jesus on the epiphany. when catholics believe three wise

in the past, cleveland cliffs has expressed interest in acquiring at least some if not all of u.s. don't know now is that interest in acquiring any of u.s. steel assets remains on their part. the two companies, u.s. steel and nippon, have signaled they intend to take this decision the court once it comes out. we will have to see whether the courts can provide any relief and maybe perhaps reverse this decision. but that is an uphill struggle given that national security implications are being invoked. jonathan: appreciate your time, michael shepard. u.s. steel is down by 8.5% in the premarket, speaks to what you're talking about. what is the future of this company without the deal? lisa: a lot of people rejecting cleveland cliffs deal because it was not a positive but at the same time if you can't have a foreign buyer come in, who is a likely suitor at the time they fall into the 27th biggest producer of steel in the world? jonathan: let's continue this with jamil jaffer. welcome to the program and happy new year. this country faces a lot of national security issues across several d

. >> that was the ceo of cleveland cliffs last night on jim cramer's mad money, filing back at the ceong issue with david burrett who spoke with us on "squawk on the street" yesterday. listen. >> it is a remarkable deal and that's what we're trying to do. we're trying to right the wrongs of this president and make sure that cfius is actually followed. the process has been corrupt. i know it. you know it. i mean, let's face it, god knows that this process has been tainted from the very beginning, and we need to fix it. >> now david, i know you've been following this very closely, and what happens next clearly u.s. steel and nippon steel have some legal battles to try to challenge this presidential order. but no question the fact that dave burrett in our interview and in his statements, and in the lawsuits is now making this about political corruption and accusing the biden administration of that certainly gives republican lawmakers something to hang onto, if they were to take his side. it's a much better selling point having that as the story than having a foreign takeover of a historic

. >> if he hadn't done the steel co in canada and come back and buy from cleveland cliffs. this is wrong on so many levels. does president biden know the election happened and doesn't need pennsylvania anymore? pennsylvania is very important, but now it is most more important than pennsylvania right before you get to "go" on the monopoly board. >> he considers himself a pro union president. >> he walked the picket line for ford. >> union members voted for him. >> where did teamsters come down? >> they didn't. >> rfk jr.'s father. get hop a squad? running justice. he said let's run teamsters. >> i think i wonder if there is a potential for president-elect trump to make a deal with the unions if this deal should go through. >> he's the union president. it turned out it didn't matter. >> unlike biden, he does listen. he is taking meetings at mar-a-lago and he is talking to -- i think a lot of members of industry with a lot at stake here and he made a deal with masa son shows the closeness of japan. >> i think japan is one of our great allies and that's why the point you said,

they also initiated legal action against cleveland cliffs, another u.s.teel maker that has reportedly been excessively involved and unduly involved in these negotiations. a rival steel producer. they accuse him of anticompetitive actions aimed at undermining the proposed merger, so it looks like in terms of what they filed they will be focused on anticompetitive actions and also unlawful political interference violating the due process. so i haven't seen anything about national security concerns. but in terms of the due process in the u.s. has a very black-and-white process for these things and it's really important those rules were followed and currently nippon steel and u.s. steel believe in this case they were not. so it sounds like that was with the lawsuits will be focused on. host: did you ever face a similar type of situation when a foreign company wanted to buy u.s. company during your service in the george w. bush administration. guest: well, not really. not one that seemed to get this much news. i was looking trying to remember the cases we had,