122-year-old U.S. Steel is reviewing 'numerous' buyout offers

U.S. Steel is reviewing multiple buyout offers after rejecting a $7.3 billion proposal from Cleveland-Cliffs and receiving a $7.8 billion bid from Esmark, with soaring prices driving consolidation in the steel industry.

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Relevant topic timeline:

8/23/2023

Esmark scraps bid for U.S. Steel

Privately held steel company Esmark has announced that it will not participate in the purchase process for U.S. Steel and will respect the position of the United Steel Workers union, which is supporting Cleveland-Cliffs' offer.

8/24/2023

Behind nixed $7.8 billion US Steel deal, a familiar name in Chicago biz

US Steel Corp. is reviewing takeover proposals from multiple parties, including a rejected offer from domestic rival Cleveland-Cliffs Inc., and a higher, all-cash proposal from steel distributor Esmark Inc., which has since withdrawn its pursuit due to the United Steelworkers union's support for Cliffs.

8/29/2023

U.S. Steel starts due diligence after entering agreements with 'numerous third parties'

U.S. Steel is reviewing multiple unsolicited proposals, including partial acquisitions and entire buyouts, as the company enters into confidentiality agreements with various third parties.