United States Steel Corp. Rejects $7.3 Billion Buyout Offer From Cleveland Cliffs

  • United States Steel Corp. has rejected a $7.3 billion buyout offer from its rival, Cleveland Cliffs.
  • The offer was valued at $35 per share, representing a premium over U.S. Steel’s Friday closing stock price of $22.72.
  • U.S. Steel CEO David Burritt rejected the offer, saying it was “unreasonable” and did not “adequately represent the true value of the company.”
  • Cleveland Cliffs CEO Lourenco Goncalves said he was “disappointed” by U.S. Steel’s decision, but that he was open to further discussions.
  • The offer from Cleveland Cliffs would have created a major global steelmaker, ranking within the top 10 worldwide and among the top four excluding China.
  • The United Steelworkers union, which represents workers at both companies, supported the merger, saying it would preserve American manufacturing jobs.
  • The rejection of the buyout offer comes as U.S. Steel is assessing various “strategic alternatives” following the receipt of multiple unsolicited bids.
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