{"id":52417,"date":"2023-08-24T08:23:03","date_gmt":"2023-08-24T12:23:03","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cleveland-cliffs-demands-u-s-steel-to-reveal-all-buyout-offers\/"},"modified":"2023-08-24T08:23:05","modified_gmt":"2023-08-24T12:23:05","slug":"cleveland-cliffs-demands-u-s-steel-to-reveal-all-buyout-offers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52417","title":{"rendered":"Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS\/Lawrence Bryant\/File Photo<\/span>
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(Reuters) – Cleveland-Cliffs (NYSE:) said on Tuesday U.S. Steel must immediately provide the company and the United Steelworkers (USW) with information about all the proposals it has received so far as a part of its strategic review.<\/p>\n

U.S. Steel, which rejected Cliffs’ $7.3 billion cash-and-stock offer as inadequate, had earlier said it was exploring “multiple unsolicited proposals”. <\/p>\n

Under the Right to Bid provision of the labor agreement with the workers union, U.S. Steel must “promptly” notify USW and Cleveland-Cliffs if they receive a proposal from any third party, Cliffs’ chief executive Lourenco Goncalves wrote in a letter to U.S. Steel. <\/p>\n

The stance comes after the USW said last week it would only back Cleveland-Cliffs as a suitor for the company. The union believes “over the years, Cliffs has shown itself to be an outstanding employer to all of its workers”.<\/p>\n

Even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received, Cleveland-Cliffs said. <\/p>\n

U.S. Steel had also attracted a $7.8 billion all-cash offer from Esmark Inc and a potential acquisition interest from ArcelorMittal (NYSE:) SA. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS\/Lawrence Bryant\/File Photo (Reuters) – Cleveland-Cliffs (NYSE:) said on Tuesday U.S. Steel must immediately provide the company and the United Steelworkers (USW) with information about all the proposals it has received so far as a […]<\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-52417","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCleveland-Cliffs demands U.S. Steel to reveal all buyout offers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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