U.S. Steel, one of the nation's largest steel producers and a top employer in Northwest Indiana, announced Sunday its decision to evaluate strategic alternatives after receiving unsolicited offers for specific assets, as well as the whole company.
In a news release, the company said its Board of Directors will initiate a formal review process, with the assistance of financial and legal advisors.
“...This decision follows the Company receiving multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole Company," David B. Burritt, U. S. Steel’s President, Chief Executive Officer and member of the Board of Directors, stated in the news release, in part.
Ohio-based steel producer Cleveland-Cliffs Inc. disclosed that it previously offered to purchase U.S. Steel, but its offer "was rejected as being 'unreasonable' by the Board of Directors of U.S. Steel" via a letter it received on Sunday.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly Chicago Catch-Up newsletter here.
"As such, Cliffs feels compelled to make its offer publicly known for the direct benefit of all of U.S. Steel’s stockholders and also make it known that Cliffs stands ready to engage on this offer immediately," the company said in its own statement, which included details of its acquisition proposal. U.S. Steel hasn't specifically mentioned Cleveland Cliffs' proposal or interest from any other companies.
While headquartered in Pittsburgh, U.S. Steel operates three facilities along Lake Michigan in Northwest Indiana, including Gary Works, its largest manufacturing plant. According to its website, more than 4,300 people are employed at the Gary facility.
