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rival Cleveland-Cliffs Inc., and a higher, all-cash proposal from steel distributor Esmark Inc., which has since withdrawn its pursuit due to the United Steelworkers union's support for Cliffs.

chicagobusiness.com

Relevant topic timeline:

8/20/2023

Already-indebted Cleveland-Cliffs would have to take on more debt to buy U.S. Steel

Cleveland-Cliffs, the leading flat-rolled steel producer in the US, is proposing to acquire chief rival U.S. Steel for $7.3 billion, which would add to its existing debt of $3.9 billion, although the company is confident in its ability to secure the necessary financing for the deal.

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.

8/29/2023

The 122-year-old US Steel is reviewing "numerous" buyout offers

U.S. Steel, which recently rejected buyout offers from Cleveland-Cliffs and Esmark, is reviewing multiple offers as it shares due diligence information with potential buyers, with soaring prices fueling consolidation in the steel industry.

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.

8/30/2023

Cleveland-Cliffs, USW union reach tentative labor agreement

U.S. steel producer Cleveland-Cliffs Inc has reached a tentative agreement with the United Steelworkers union on a new 3-year labor agreement for its Northshore mining operations.

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Posted 8/24/2023, 4:25:57 PM

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

chicagobusiness.com

Relevant topic timeline:

8/20/2023

Already-indebted Cleveland-Cliffs would have to take on more debt to buy U.S. Steel

8/23/2023

Esmark scraps bid for U.S. Steel

8/29/2023

The 122-year-old US Steel is reviewing "numerous" buyout offers

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.

8/30/2023

Cleveland-Cliffs, USW union reach tentative labor agreement

U.S. steel producer Cleveland-Cliffs Inc has reached a tentative agreement with the United Steelworkers union on a new 3-year labor agreement for its Northshore mining operations.