Cleveland-Cliffs Inc. announced it previously privately submitted an acquisition offer to the United States Steel Corp. worth $7.3 billion or $17.50 in cash and 1.023 shares of Cliffs stock per US Steel share. However, the company said US Steel rejected the bid, calling it "unreasonable."
Cleveland-Cliffs said it decided to make the offer public "for the direct benefit of all of US Steel's stockholders and also make it known that Cliffs stands ready to engage on this offer immediately." The mining company's CEO Lourenco Goncalves said he "looks forward to continuing to engage with US Steel on a potential transaction," adding that he is "convinced that the value potential and competitiveness to come out of a combination of our two iconic American companies is exceptional."
