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Zenger
Zenger
Environment
Shanthi Rexaline

Cleveland-Cliffs Proposes To Acquire U.S. Steel

US Steel ClevelandCliffs David Burritt United States Raymond Boyd Philip Gibbs iron ore
Flagship of the Cleveland-Cliffs fleet at Dock. Among the pushbacks against the consummation of the deal is the monopoly position of the combined company in the U.S. iron ore market RAYMOND BOYD VIA GETTY IMAGES.

Pittsburgh-based United States Steel Corp. (NYSE:X) late Sunday rejected a buyout offer from rival steel manufacturer Cleveland-Cliffs Inc. (NYSE:CLF) but welcomed the latter to participate in a formal review process.

The U.S. Steel said it invited Cleveland-Cliffs to join in a formal strategic review process initiated by the board. The announcement comes as U.S. Steel disclosed an approach by Cleveland-Cliff on July 2023 and subsequently on Aug. 11 with an updated proposal regarding a buyout.

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