U.S. Steel says it has rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs.
FILE - A water tower at United States Steel Corp.'s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. On Sunday, Aug. 13, 2023, U.S. Steel said that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. Pittsburgh-based U.S. Steel said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being allowed to conduct proper due diligence.
Cleveland-Cliffs announced earlier Sunday that it had made an offer valuing the U.S. Steel at $7.3 billion, based on $17.50 a share in cash and 1.023 shares of Cliffs stock. Cleveland-Cliffs said the value of the offer was $35 a share, a premium over U.S. Steel's closing stock price of $22.72 on Friday. The company said it decided to reveal the private offer after U.S. Steel rejected it.
Burritt said the offers are “a validation of U.S. Steel’s strategy” of transformation, including expanding its electric arc furnace steelmaking and finishing capabilities.
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