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☆ U.S. Steel confirms multiple acquisition proposals
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - U.S. Steel (X.N) has entered into confidentiality agreements with "numerous third parties" and started to review multiple unsolicited proposals ranging from partial acquisition to an entire buyout, the company said in a letter to its stockholders on Tuesday. Cleveland-Cliffs (CLF.N), which has made a $7.3 billion cash-and-stock offer, last week demanded U.S. Steel to provide the company and the United Steel Workers (USW) union with information about all the proposals it has received so far as a part of its strategic review. Earlier this month, Esmark scraped its bid for U.S. Steel, leaving Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs. "While we don’t know how long the process will take, the board of directors, management team and outside advisers are moving quickly to complete it," U.S. Steel said in the letter. Reporting by Pratyush Thakur in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Esmark, Mittal, U.S . Steel, Pratyush Thakur, Maju Samuel Organizations: . Steel, U.S, Steel, United Steel Workers, U.S . Steel, Arcelor, U.S ., Thomson Locations: Cleveland, U.S, Bengaluru

☆ U.S. Steel starts due diligence after entering agreements with 'numerous third parties'
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The U.S. Steel Corporation facility entry gate is seen in Gary, Indiana, U.S., on October 15, 2018. Chairman David Sutherland and CEO David Burritt said in the letter that the company will start to share due diligence information. They also said the company's board and outside advisers will fully evaluate all options and make the review public to hear from any party that may have interest in the company. Earlier this month, Esmark scraped its bid for U.S. Steel, leaving Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs. "While we don’t know how long the process will take, the board of directors, management team and outside advisers are moving quickly to complete it," U.S. Steel said in the letter.

Persons: Rajesh Singh, David Sutherland, David Burritt, Esmark, Mittal, U.S . Steel, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel Corporation, REUTERS, . Steel, U.S, Steel, United Steel Workers, U.S . Steel, Arcelor, U.S ., Thomson Locations: Gary , Indiana, U.S, Cleveland, Bengaluru

☆ Esmark to Exit Bid Process for U.S. Steel
▼ + stars: | 2023-08-23 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/esmark-to-exit-bid-process-for-u-s-steel-ca9c2913

Persons: Dow Jones

☆ Esmark scraps bid for U.S. Steel
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File Photo Acquire Licensing RightsAug 23 (Reuters) - Privately held steel company Esmark said on Wednesday it would not participate in the purchase process for U.S. Steel Corp (X.N) and respect the position of the United Steel Workers (USW) union, which is supporting Cleveland-Cliffs' (CLF.N) offer. Last week, Esmark made an offer to buy U.S. Steel for $35 per share, or an equity value of $7.8 billion. Esmark's exit leaves Arcelor-Mittal (MT.LU) as the only known potential challenger to Cleveland-Cliffs, which went public with its bid for U.S. Steel earlier in August. However, U.S. Steel last week said its labor agreement with USW does not afford the union the right to veto a sale of the company.

Persons: Lawrence Bryant, Esmark, ”, Jim Bouchard, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, . Steel Corp, United Steel Workers, Steel, U.S, USW, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

☆ Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. U.S. Steel, which rejected Cliffs' $7.3 billion cash-and-stock offer as inadequate, had earlier said it was exploring "multiple unsolicited proposals". The stance comes after the USW said last week it would only back Cleveland-Cliffs as a suitor for the company. Even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received, Cleveland-Cliffs said. U.S. Steel had also attracted a $7.8 billion all-cash offer from Esmark Inc and a potential acquisition interest from ArcelorMittal SA (MT.LU).

Persons: Lawrence Bryant, USW, Lourenco Goncalves, Priyamvada, Krishna Chandra Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Tuesday U.S . Steel, United Steelworkers, . Steel, U.S, Steel, Cliffs, Esmark Inc, ArcelorMittal SA, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

☆ US Steel, once a symbol of America’s economic might, is now for sale in the bargain bin
▼ + stars: | 2023-08-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +8 min

The Pittsburgh-based company formed in 1901 as a merger of the nation’s leading steel companies — including Carnegie Steel Corp. — and was engineered by financier J.P. Morgan. But, in recent years, US Steel’s fallen far below other American steel companies in steel output and stock market value. (Last year, US Steel shipped only 11.2 million tons of steel from its US operations and had just under 15,000 US employees.) That compares to 14.49 million metric tons from US Steel, including its operations in Europe, which rank 27th in the world for 2022, according to the World Steel Association. Bradford said all along the way, US Steel and other US integrated steelmaking rivals with storied names such as Bethlehem Steel, Inland Steel and LTV Steel underestimated the competitive challenge that they faced from overseas and mini-mills at home.

Persons: J.P, Morgan, Andrew Carnegie, eyeing, ”, Charles Bradford, “ It’s, ” Bradford, Nucor, Bradford, Walt, Joe Biden, Biden, what’s, he’s, Sen, J.D, Vance Organizations: New, New York CNN, US Steel Corp, US Steel, Steel, titans, Carnegie Steel Corp, United Nations, Homestead, US Steel's Carnegie, Illinois Steel Corp, Bettmann, Atlantic, Pittsburgh, Pittsburgh Post, Gazette, US, Fairfield Works, . Steel, World Steel Association . US Steel, Bethlehem Steel, Inland Steel, LTV Steel, Dow Jones, Walt Disney, JPMorgan, Co, Street, LTV, Reuters, Cliffs, The United Steelworkers, Ohio Republican Locations: New York, Pittsburgh, United States, Europe, Japan, Germany, Fairfield Works ., Charlotte, America, Bethlehem, steelmakers, China, India, Korea, Inland, Cleveland, Ohio

☆ US Senator Vance asks US Steel to rule out foreign buyer
▼ + stars: | 2023-08-18 | by ( Bianca Flowers | Thomson Reuters | Bianca Flowers Is An Award-Winning Multimedia Journalist Based In Chicago Where She Reports On The Backbone Of The U.S. Labor Market. She Covers Agriculture | ) www.reuters.com time to read: +2 min

[1/2] Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. Vance on Thursday asked U.S. Steel (CLF.N) to rule out a foreign buyer, in a sign that the emerging bidding war for the iconic steel producer could run into political headwinds. Vance, a Republican, said potential U.S. buyers for the Pittsburgh-based company should have priority because domestic steel production is an important aspect of national security. "It appears to be political grandstanding from somebody out making a name for themselves more than any national security interest, said Spoores, principal analyst at CRU Group. Vance was elected to the Senate in 2022 after winning the endorsement of former President Donald Trump, a Republican who also pushed for greater domestic steel production.

Persons: Lawrence Bryant, J.D, Vance, David Burritt, David Sutherland, Josh Spoores, Spoores, Donald Trump, Bianca Flowers, Andy Sullivan Organizations: Steel, U.S . Steel, U.S . Steel Granite City, REUTERS, Thursday, Republican, . Steel, Reuters, Industry, CRU Group, The United Steelworkers Union, Senate, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Pittsburgh, Cleveland, Luxembourg, Ohio, Chicago

[1/2] Idled blast furnaces at U.S. Steel Corp's Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. Two other U.S. rivals, Nucor Corp (NUE.N) and Steel Dynamics Inc (STLD.O), trade at 6.9 times and 5.8 times, respectively, according to Refinitiv data. These two companies' offers both value U.S. steel at 6.2 times its 2024 EBITDA, according to RBC Capital Markets analysts. Unlike blast furnaces, EAFs do not have to be operated at constant rates, allowing them to adjust to fluctuations in steel demand. EAFs also release much less carbon dioxide than blast furnaces, reducing climate-warming emissions.

Persons: David Lawder, EAFs, Joe Biden, Jefferies, David Burritt, Donald Trump, Anirban Sen, David Carnevali, Greg Roumeliotis, Sonali Paul Organizations: . Steel, REUTERS, US Steel, . Steel Corp, Cliffs Inc, Esmark Inc, Reuters, ArcelorMittal SA, Cleveland Cliffs, Nucor Corp, Steel Dynamics Inc, Steel, RBC Capital Markets, U.S, ., Steel's, U.S . Steel, Donald Trump . Supply, Thomson Locations: Granite City, Granite City , Illinois, U.S, Pittsburgh, Cleveland, New York

☆ U.S. Steel says union cannot block company's sale
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. Steel (X.N) said on Thursday that its labor agreement with United Steel Workers (USW) does not afford the union the right to veto a sale of the company that may arise from its recently announced strategic review. The union said that "over the years, Cliffs has shown itself to be an outstanding employer to all of its workers." U.S. Steel, which rejected Cliffs' $7.8 billion cash-and-stock offer as inadequate, has said it is exploring "multiple unsolicited proposals". In a regulatory filing, U.S. Steel said its agreement with the union gives it the right to counter with its own acquisition offer for assets covered under their bargaining agreement. If the union does not make an offer its board deems superior, U.S. Steel can sell itself to the bidder of its choosing.

Persons: . Steel Edgar Thompson, Quinn Glabicki, USW, Ananta Agarwal, David Gregorio Our Organizations: ., REUTERS, . Steel, United Steel Workers, Cliffs Inc, U.S . Steel, Esmark Inc, ArcelorMittal SA, Steel, U.S, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland, Bengaluru

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 16 (Reuters) - ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N), three people familiar with the matter said on Wednesday. ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that it will press ahead with it, the sources said. Representatives for ArcelorMittal and U.S. Steel did not immediately respond to requests for comment. ArcelorMittal's deliberations come after U.S. Steel said on Sunday it had launched a process to explore interest from potential acquirers. The United Steelworkers union supports Cleveland-Cliffs' bid, however U.S. Steel has rebuffed it as "unreasonable".

Persons: Benoit Tessier, ArcelorMittal, Steel, Greg Roumeliotis, Victoria Farr, Kirsten Donovan Organizations: REUTERS, ArcelorMittal SA, U.S . Steel Corp, U.S . Steel, Cliffs Inc, Esmark Inc, Representatives, ArcelorMittal, Steel, . Steel, The United Steelworkers, Thomson Locations: Dunkirk, France, Cleveland, New York, U.S, China, Europe, Frankfurt

☆ Esmark CEO says has money in bank account for $7.8 billion US Steel bid
▼ + stars: | 2023-08-15 | by ( David Carnevali | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 15 (Reuters) - Esmark Inc majority owner and chief executive James Bouchard said in an interview on Tuesday that his steel maker, which does not publicly report its earnings, has cash for its $7.8 billion bid for U.S. Steel Corp (X.N) sitting in his bank account. Esmark unveiled its offer on Monday after Cleveland-Cliffs Inc (CLF.N), another steel maker, said on Sunday it had made a $7.3 billion offer for U.S. Steel, which the latter rejected. "I got $10 billion in cash in my bank account," Bouchard said. Bouchard, a former U.S. Steel executive, said Esmark was "the third largest steelmaker in the country", without elaborating with any figures. He subsequently bought back the Esmark name, trademark and intellectual property to create his latest steel maker, which he says generates over $500 million in annual revenue.

Persons: James Bouchard, Esmark, Bouchard, " Bouchard, David Carnevali, Josie Kao Organizations: Esmark, U.S . Steel Corp, Cliffs Inc, U.S . Steel, Thomson Locations: Cleveland, U.S, Russian, New York

☆ Esmark CEO: Cleveland-Cliffs is offering stock for U.S. Steel because they don't have cash, we do
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEsmark CEO: Cleveland-Cliffs is offering stock for U.S. Steel because they don't have cash, we doJames Bouchard, Esmark CEO, joins 'Closing Bell Overtime' with the latest on the battle for U.S. Steel after his company put in a competing bid for the company.

Persons: James Bouchard Organizations: U.S, Steel, U.S . Steel Locations: Cleveland

☆ Stocks making the biggest moves midday: Discover, D.R. Horton, Nvidia, Cleveland-Cliffs, and more
▼ + stars: | 2023-08-15 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading. Banks — Major Wall Street banks slid during midday trading after CNBC reported Tuesday that Fitch Ratings may once again downgrade the health of the banking sector. Shares of Bank of America and JPMorgan Chase slid 2%, while Citigroup and Morgan Stanley each fell more than 1%. Paramount Global — Paramount Global shares climbed 2% in midday trading. Turnstone Biologics — The biotechnology stock added 1.96% in midday trading.

Persons: Banks, Fitch, JPMorgan Chase, Morgan Stanley, Roger Hochschild, John Owen, Hannon Armstrong, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong, Homebuilders, Warren Buffett's Berkshire, D.R, Horton, Lennar, Wells Fargo, Baird, Turnstone, Piper Sandler, —, Alex Harring, Jesse Pound, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: CNBC, Bank of America, JPMorgan, Citigroup, Citizens Financial Group, U.S . Steel, Esmark, U.S, Steel, Discover Financial, Hannon Armstrong Sustainable Infrastructure Capital, Hannon Armstrong Sustainable Infrastructure Capital — Hannon Armstrong Sustainable Infrastructure Capital, Paramount Global, The Alliance, Motion Pictures, Television Producers, Bloomberg, Warren Buffett's Berkshire Hathaway, Nvidia, UBS, Investment Locations: Cleveland, Warren Buffett's

☆ Esmark Bids for U.S. Steel, Setting Up Potential Battle for Storied Steelmaker
▼ + stars: | 2023-08-14 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/esmark-bids-for-u-s-steel-setting-up-potential-battle-for-storied-steelmaker-1fba817d

Persons: Dow Jones

☆ Esmark makes $7.8-billion offer for U.S. Steel Corp
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

U.S. Steel Corp administrative offices for its Granite City Works in Granite City, Illinois, U.S. on July 5, 2017. REUTERS/David LawderAug 14 (Reuters) - Esmark, a privately held company, said on Monday it had made an offer to buy U.S. Steel Corp (X.N) for $35 per share, or an equity value of $7.8 billion. On Sunday, U.S. Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs (CLF.N). The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Reporting by Ananta Agarwal and Ananya Mariam Rajesh in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Lawder, rebuffing, steelmaker, Ananta Agarwal, Ananya Mariam Rajesh, Shounak Dasgupta Organizations: . Steel Corp, REUTERS, Sunday, . Steel, Cliffs, Steel, Thomson Locations: Granite City, Granite City , Illinois, U.S, steelmaker Cleveland, Ohio, Cleveland, Bengaluru

☆ Esmark Bids for U.S. Steel, Setting Up Potential Battle for Steelmaker
▼ + stars: | 2023-08-14 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/esmark-bids-for-u-s-steel-setting-up-potential-battle-for-storied-steelmaker-1fba817d

Persons: Dow Jones

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