New Dawn Approaching for U.S. Steel Industry after Cleveland-Cliffs Offer

August 17, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--If you didn't know it, United States Steel Corporation (U.S. Steel) (NYSE:X) (Pittsburgh, Pennsylvania) is on the market. In a move that surprised many, a $7.3 billion offer by Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio) to take over U.S. Steel has been declined and a subsequent offer by Esmark Incorporated (Pittsburgh, Pennsylvania) for $7.8 billion has been levied. At the same time, U.S. Steel has said it is conducting a strategic review to consider selling all of part of the company, but offered no timeline as to when that would happen. Other offers are likely to be on the table. The United Steelworkers have said that they back only the Cleveland-Cliffs offer.