Overview

• 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.