U.S. Steel rejects $7.3B buyout offer from rival Cleveland-Cliffs, explores strategic options

Cleveland-Cliffs offered $7.3B for U.S. Steel in cash and stock, but the offer was deemed unreasonable.
U.S. Steel has received multiple unsolicited offers and is reviewing alternatives.
A deal would create one of the largest steel producers globally with strength in the auto industry.
U.S. Steel shares jumped on the news, but remain below the offer price.
The United Steelworkers union supported the proposed Cleveland-Cliffs acquisition.