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.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.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.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly"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 ownwhich included details of its acquisition proposal. U.S.
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
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Source: Reuters - 🏆 2. / 97 Read more »