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Cleveland-Cliffs calls on U.S. Steel to disclose all bids received

Cleveland-Cliffs called on U.S. Steel and the United Steelworkers to provide information on all proposals received as part of its strategic review.

Cleveland-Cliffs calls on U.S. Steel to disclose all bids received

Cleveland-Cliffs has urged U.S. Steel to provide information about all proposals it has received as part of its strategic review. U.S. Steel rejected Cliffs' $7.3 billion cash-and-stock offer as inadequate and is exploring multiple unsolicited proposals.

Under the Right to Bid provision of the labor agreement with the workers union, U.S. Steel must notify USW and Cleveland-Cliffs if they receive a proposal from any third party.

The USW has only supported Cleveland-Cliffs as a suitor for the company, citing Cliffs' outstanding employer status. Cleveland-Cliffs said that even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received.


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