US Steel has entered into multiple confidentiality agreements with suitors to run a public and competitive process for a potential sale, including rival Cleveland-Cliffs. The Pittsburgh-based integrated steelmaker acknowledged in a letter to shareholders that it has entered into customary non-disclosure agreements with "numerous third parties" to begin sharing due diligence information with potential buyers. US Steel has received multiple unsolicited bids over the last month, ranging from acquisition of parts of the company to consideration from others for the entire company. Only two companies have publicly shared details of their unsolicited bids to buy US Steel in its entirety, including a cash and stock bid from Cleveland-Cliffs worth $7.3bn which was rejected on 13 August, and a competing $7.8bn all-cash bid from Chicago-based industrial company Esmark, which withdrew from the process on 24 August.
US Steel's board of directors initiated a formal review process with outside financial and legal advisors to evaluate strategic alternatives for the company. The timeline for completion of the strategic review remains unknown, but the board will decide on a best path forward for its shareholders. US Steel has sparred multiple times with competitor Cleveland-Cliffs, to whom the United Steelworkers (USW) transferred its right to bid under its labor agreement with US Steel on 18 August.