1. President Biden is expected to block Nippon Steel's $14.9B deal for U.S. Steel due to national security concerns. 2. The deal faced opposition from senators and was seen as a threat to national and economic security. 3. U.S. Steel's rejection of a previous bid and the potential for future offers suggest a competitive market.

1. The steel industry is facing significant challenges with falling prices and economic uncertainty, affecting global producers like Cleveland-Cliffs. 2. Despite the downturn, Cleveland-Cliffs is making strategic moves, including the acquisition of Stelco, to strengthen its market position. 3. These efforts, alongside cost-cutting and debt reduction, could lead to significant long-term gains, though the investment carries inherent cyclical risks.