Cleveland-Cliffs said it decided to reveal the private offer after U.S. Steel rejected it.
“At this juncture, we cannot determine whether your unsolicited proposal properly reflects the full and fair value of the Company. For all of the above reasons, the Board has no choice but to reject your unreasonable proposal,” U.S. Steel CEO David Burritt said in a letter, released Sunday, to Cleveland Cliffs CEO Lourenco Goncalves.
Burritt had revealed in an earlier statement that company received several unsolicited offers and had launched “a comprehensive and thorough review of strategic alternatives.” U.S. Steel, which said it expects to receive more proposals, said there was no guarantee that any deal would emerge from the review process.
Cleveland-Cliffs said its proposal, first made on July 28, would create a company that would be among the 10 biggest steelmakers in the world and one of the top four outside of China. Cleveland-Cliffs CEO Lourenco Goncalves said in a statement that the proposal would create “lower-cost, more innovative and stronger domestic supplier for our customers,” and that he stands ready to engage on it despite U.S. Steel’s rejection.
Cleveland-Cliffs is the largest producer of flat-rolled steel and iron in North America. U.S. Steel has been a symbol of industrialization since it was founded in 1901 by J.P. Morgan, Andrew Carnegie and others, though its stock price has struggled in recent years as steel prices have fluctuated.
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