File - United States Steel's Edgar Thomson Plant in Braddock, Pa. is shown on Feb. 26, 2019. With two bidders revealed in a matter of days and more in the wings, United States Steel Corp. seems poised to be purchased by a competitor sooner than later.
U.S. Steel says it has other offers to consider as well, and the company gave no timeline for if and when it might make any decision about selling itself.Cleveland-Cliffs said its proposal, first made on July 28, would create a company that would be among the 10 biggest steelmakers in the world and one of the top four outside of China, which dominates global steel production. Cleveland-Cliffs CEO Lourenco Goncalves said a tie-up between the two U.S.
Cleveland-Cliffs is the largest producer of flat-rolled steel and iron in North America. Acquiring U.S. Steel would further shrink the number of players in the U.S. steelmaking industry, which has experienced significant consolidation in recent years, including the two steelmakers at the center of developments this week.
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