Investing
Union leader: Cleveland-Cliffs is the best strategic buyer of U.S. Steel
© Reuters. FILE PHOTO: Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File Photo
By Bianca Flowers
CHICAGO (Reuters) – The United Steelworkers (USW) international president said on Monday that the union supports North American steel producer Cleveland-Cliffs (NYSE:)’ bid to acquire rival, United States Steel (NYSE:) Corp, adding that the company is the best strategic buyer.
Cleveland-Cliffs said on Sunday that it offered to buy U.S. Steel in a cash-and-stock deal valued at $35 per share, which represented a premium of 43% to U.S. Steel’s last closing price.
Cliffs went public with its offer after U.S. Steel rejected the bid as being “unreasonable” and instead announced a formal review process, saying the company received multiple bids for parts or all of its business.
“Cliffs is committed to the blast furnace segment of the steel market and U.S. Steel is not,” the union’s international president, Thomas Conway told Reuters in an interview. “I think they are committed to the steel industry and success.”
The United Steelworker’s collective bargaining agreement with U.S. Steel outlines that the company has to take union leadership voices into account for acquisition bids.
U.S. Steel has said that it received “multiple unsolicited proposals.” Conway said that no other bidders have come forward to court the unions’ support.
Read the full article here
-
Investing5 days ago
Hurricane Helene Hits Spruce Pine Mine, Quartz Used for Tech
-
Side Hustles6 days ago
5 Key Strategies for a Seamless Cloud Migration
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.23% By Investing.com
-
Side Hustles5 days ago
VP Exec’s Top Tips for Negotiating and Relationship-Building
-
Passive Income6 days ago
Go Paperless with the PDF Reader Pro for $49.99
-
Side Hustles6 days ago
Why the Future of Cybersecurity Marketing Relies on Trust
-
Side Hustles5 days ago
Why the Smallest Details Mean the Most in Marketing
-
Make Money5 days ago
The Top Employers and Opportunities for Part-Time Remote Jobs