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PITTSBURGH — Cleveland-Cliffs believes it has a right to know who else is bidding on U.S. Steel, according to a letter Tuesday, Aug. 22, from its CEO Lourenco Goncalves. He said that right was assigne...
Esmark Inc. on Wednesday, Aug. 23, said it won’t make a takeover offer for U.S. Steel Corp., citing the United Steelworkers’ support for a rival $7.25 billion bid from Cleveland-Cliffs Inc.
In a letter sent by United Steelworkers to its members at United States Steel, the president of the labor group said the company doesn't prioritize its union workforce and accused it of betrayal.
Esmark's retreat leaves Cleveland-Cliffs (for now, at least) in the lead position to acquire the iconic U.S. Steel.