U.S. Steel is looking at its future after recently rejecting a buyout offer from another rival steel maker.
U.S. Steel confirmed that they recently rejected a more than $7 billion takeover offer from Cleveland Cliffs. The offer was an unsolicited cash and stock offer according to U.S. Steel officials.
The Pittsburgh-based U.S. Steel then said that they have launched a “comprehensive and thorough review of strategic alternatives” with the expectation that they will receive more proposals in the future.
Had Cleveland Cliffs acquired U.S. Steel, it would have become a top-10 steel maker across the world.
