8,026.27 TL BIST 100 BIST 100
28.93 $ USD USD
€31.46 EUR EUR
613.00 TL Interest Interest
78.38 $ Fossil Oil Fossil Oil
25.47 $ Silver Silver
3.88 $ Copper Copper
130.49 $ Iron Ore Iron Ore
375.00 $ Ship Dismantling Ship Dismantling
1,939.91 TL Gold (gr) Gold (gr)

Cleveland-Cliffs' $7 billion takeover bid rejected by US Steel

American steel manufacturer US Steel has declined a substantial takeover proposition from its competitor Cleveland-Cliffs. Signaling Industry Shake-Up...

Cleveland-Cliffs' $7 billion takeover bid rejected by US Steel

In a bold move, Cleveland-Cliffs has valued its attempted acquisition of US Steel at a staggering $7 billion. This represents a remarkable $35 per share for the long-established steelmaker. The proposed offer includes $17.5 in cash and a distribution of 1.023 Cleveland-Cliffs shares for each share of US Steel.

Sources said that US Steel's board of directors rejected Cleveland-Cliffs' offer as unreasonable, based on information received from Cleveland-Cliffs itself. This rejection follows US Steel's recent announcement that it is considering "strategic alternatives" to its current course.

The potential merger of these two leading organizations has the potential to reshape the outlook for the US steel industry. The merger would reduce the number of major steel producers in the country from four to three, marking a significant shift in market dynamics.

A possible merger of the two companies promises to strengthen Cleveland-Cliffs' market presence in key sectors such as appliances and automotive. Already, Cleveland-Cliffs is the largest steel supplier by volume in these critical industrial sectors.

With roots dating back to 1901 and a history intertwined with financial magnate John Pierpont Morgan and steel tycoon Andrew Carnegie, US Steel played a key role in the industrial advancement of the United States throughout the 20th century. Although no longer among the country's largest companies, US Steel remains a leading figure in the steelmaking industry.


No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Vulcan Green Steel: Oman's hydrogen-powered steel plant underway

Monday, December 4, 2023

The rate of rent increase for workplaces is determined

Monday, December 4, 2023

30 billion dollars of trade between Turkiye and Saudi Arabia!

Monday, December 4, 2023

Arvedi Group prepares to outsource its operations in Türkiye to a local company

Monday, December 4, 2023

A ferroalloy production plant will be built in Kazakhstan in 2025

Monday, December 4, 2023
Follow List
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.

There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now