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U.S. Steel spurns $7.25B Cleveland-Cliffs takeover bid, reviews options

Posted on AllSides August 14th, 2023

United States Steel Corp., one of the leading suppliers of steel products to the U.S. auto industry, has rejected a takeover offer from rival Cleveland-Cliffs Inc. that promised to create one of the world's biggest steelmakers, and will begin a review of its strategic options instead. U.S. Steel, an icon of American industry with roots stretching back over a century, on Sunday announced a formal process to assess its alternatives after receiving approaches for parts or all of the business. About three hours later, Cliffs went public with its cash-and-share...

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