There is only one Fortune 500 Company with "Cleveland" in its name. Why it matters: Maybe not for long. Driving the news: Cleveland-Cliffs CEO Lourenco Goncalves announced Monday in a rambling two-hour press conference that if a proposed acquisition of U.

If Cleveland-Cliffs is able to acquire US Steel, its CEO says the headquarters of the new entity would be in Pittsburgh, not Cleveland.

After a takeover by Japan’s Nippon Steel was blocked, a new deal may be gaining traction. The politics of Joe Biden and Donald Trump are center stage.

CEO Lourenco Goncalves said he has the funding for a US Steel (NYSE:X) potential acquisition in the $8 billion range. Goncalves declined to say which banks had committed to financing an offer, the Cliffs CEO told Semafor  in an interview published on Tuesday.