United States Steel Corp. said on 13 August 2023 that it had rejected a $7.3 billion buyout proposal from rival Cleveland-Cliffs and would instead review strategic alternatives after receiving several unsolicited offers. Cleveland-Cliffs had offered $35 a share, $17.50 in cash plus 1.023 of its own shares, a premium of about 43 percent, in a proposal first made on 28 July. U.S. Steel said it could not properly evaluate the offer because Cleveland-Cliffs refused to carry out due diligence unless U.S. Steel agreed to the economic terms in advance. The United Steelworkers union backed the Cleveland-Cliffs bid, and other suitors, including Esmark and ArcelorMittal, were reported to be interested. A combination of the two companies would have ranked among the ten largest steelmakers in the world and one of the top four outside China.
Source: Manufacturing.net (Associated Press) — https://www.manufacturing.net/operations/news/22870092/us-steel-rejects-73b-offer-from-rival-clevelandcliffs-considers-alternatives
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