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Most of the people participating in the trend are in their 20s, citing various reasons for quitting ranging from low wages to burnout. LiangAccording to China’s LinkedIn equivalent Maimai, out of 1,554 employees across various sectors surveyed from January through October 2022, 28% resigned that year. A similar movement, dubbed the Great Resignation, had taken off in the United States, with almost 50 million people quitting their jobs in two years. Despite the proliferation of higher education degrees, China’s economy doesn’t currently require as many high-skilled workers and it takes time to transform the economic structure, she said. The resignation trend could affect fertility, but it’s not yet clear how, she said.

Persons: Hong Kong CNN —, Liang, “, ”, Nancy Qian, they’ve, Jade Gao, Qian, ” Qian, Yao Lu, Veyron Mai, ” Lu, Young Organizations: Hong Kong CNN, CNN, ” CNN, Northwestern University’s Kellogg School of Management, Getty, Ministry of Education, Columbia University, University Locations: China, Hong Kong, China’s Zhejiang, United States, West, Beijing, AFP, Yibin, Foshan, Taizhou

☆ Mid-Autumn Festival holidays: Millions of Chinese tourists are going on holiday again -- many headed for Thailand
▼ + stars: | 2023-09-29 | by ( Kathleen Magramo Kocha Olarn Berry Wang Carina Cheng | Kathleen Magramo | Kocha Olarn | ) edition.cnn.com time to read: +9 min

Only 2.2 million Chinese travelers arrived between January and September 10 this year, according to data from the Tourism Authority of Thailand. Thai Prime Minister Srettha Thavisin greeted travelers on the first day of the government's visa-free scheme for Chinese tourists. “Competition is really intensifying in the region to attract Chinese tourists amongst all countries, and you have to make it as easy as possible,” said Bowerman. Chinese tourists pray in front of Thai dancers at the Erawan Shrine in Bangkok, Thailand on September 22, 2023. Rumors, film complicate efforts to lure back touristsPrior to the announcement of the visa-free policy this month, Chinese tourists had been slow to return to Thailand.

Persons: Srettha Thavisin, It’s, ” Sretta, “, Chiang, Wang Wenbin, Peerapon Boonyakiat, pare, Gary Bowerman, ”, Bowerman, Huang, “ I’ve, coronavirus, Trip.com, Jin Junhao, Joanna Lu, Anusak, Wolfgang Georg Arlt, “ There’s, Thailand ”, Sisdivachr Cheewarattanaporn Organizations: CNN, China’s, Tourism Authority of, Thai, Civil Aviation Administration, China Railway, Asia, Tourism Research Institute, Thailand’s Ministry of Tourism, Sports, Thai Travel Agents Association Locations: China, Shanghai, Bangkok’s, Chiang Mai, Bangkok, Pattaya, Phuket, ”, Beijing, Thailand, Southeast Asia, Tourism Authority of Thailand, Asia, Sichuan, South Korea, Malaysia, Singapore, Australia, United Kingdom, Erawan, Myanmar, Cambodia, Weibo

Chen told CNN he “felt sad, angry and afraid” after receiving such a call on July 21, when police told him to undergo a psychiatric evaluation. When evening fell, he crossed the border into the Laos mountains, he told CNN – and by early August, he’d crossed the Mekong River and entered Thailand. Many Chinese dissidents do not feel safe in Thailand given the government’s often friendly links with Beijing, and in the past dissidents based there have turned up in Chinese custody. Soon after posting his video, Chen was taken for questioning by Taiwan’s immigration authorities and the Mainland Affairs Council, he told CNN. Laos lies across China’s southwestern border and has long been a common, albeit risky, exit point for Chinese dissidents trying to leave the country.

Persons: Taiwan CNN —, Chen Siming, Chen, Xi Jinping, “, ”, he’d, Beijing’s, Jiang Yefei, Dong Guangping –, Lu Siwei, Lu, Wang Dan Organizations: Taiwan CNN, CNN, United Nations, Refugees, Taoyuan International Airport, Chinese Communist Party, Communist Party, Mainland Affairs Council, UNHCR, Taiwan Affairs Office Locations: Taipei, Taiwan, United States, Canada, Thailand, China, Beijing, Laos, Guangzhou, Taoyuan, Hong Kong, West, Southeast Asia

TAIPEI, Taiwan (AP) — Taiwan authorities fined a golf ball manufacturer 2.4 million New Taiwan dollars ($75,000) on Monday and warned of criminal charges for storing 30 times the legal limit of hazardous material and other violations after a major factory fire killed nine people and left one other missing. Launch Technologies is one of the world's major golf ball makers, producing 20% of the global supply last year. Since 2018, the company has been fined 200,000 New Taiwan dollars ($6,200) for safety and health violations and another 300,000 New Taiwan dollars ($9,300) over labor conditions, according to Taiwan's Occupational Safety and Health Administration. The company was also fined 300,000 New Taiwan dollars ($9,300) for air pollution violations in 2020, according to its 2021 annual report. Company general manager Lu Ying-cheng said at a news conference on Sunday that Launch Technologies has made improvements to the work environment in recent years.

Persons: Chou Chun, Chou, Lu Ying, cheng, ” Lu, Wanqing Chen Organizations: Taiwan, Technologies, Taiwan's Central News Agency, . Company, Launch Technologies, Safety, Health Administration, Company, Taiwan Stock Exchange, Associated Press Locations: TAIPEI, Taiwan, Pingtung, Beijing

☆ Amazon’s New Challenge: Bargain Retailers That Are Playing a Different Game
▼ + stars: | 2023-09-22 | by ( Sebastian Herrera | Shen Lu | ) 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/retail/amazon-shein-temu-online-shopping-727570ea

Persons: Dow Jones

☆ Amazon’s New Challenge: Bargain Retailers Who Are Playing a Different Game
▼ + stars: | 2023-09-22 | by ( Sebastian Herrera | Shen Lu | ) www.wsj.com time to read: 1 min

Persons: Dow Jones

☆ PMS now could mean more than twice the risk of early menopause later, study shows
▼ + stars: | 2023-09-20 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +5 min

Menopause is considered early when it occurs before age 45, which will happen in 5% to 10% of women, Yang said. Early menopause is concerning because of the shortened reproductive years, but also because of links to other health concerns, she added. A 2010 study found that women who experience early menopause are at an increased risk for overall mortality, including cardiovascular diseases, osteoporosis and neurological diseases. How are PMS and early menopause connected? Women also need to know that there are ways to manage early menopause and the bothersome hot flashes, she said.

Persons: ”, Yihui Yang, Yang, Stephanie Faubion, Faubion, —, Donghao Lu, ” Faubion, Elizabeth Bertone, Johnson, “ Organizations: CNN, Karolinska Institutet, Mayo Clinic Center, Women’s Health, PMDs, Karolinska, University of Massachusetts Amherst, American College of Obstetricians, Women’s, US Department of Health, Human Services Locations: Sweden

☆ 'Thrown to the wolves': How private investors are jacking up rents and ripping off college students
▼ + stars: | 2023-09-20 | by ( James Rodriguez | ) www.businessinsider.com time to read: +19 min

The eye-popping numbers are part of a longer-term shift toward private college housing. Moody's Analytics recently warned of an "affordability crisis" for college students, noting that since 2019, rents for student housing in a sample of notable college towns had grown faster than those of regular apartments. Student housing goes privateThe gold rush in student housing is a relatively new phenomenon. Back in the 1980s and '90s, most college students either lived in bland, cinder-block-walled dorms or in conventional apartments farther from campus. Even with his frugality, he came to realize that the prices in West Campus were "impossible to rationalize" for a college student.

Persons: behemoth Blackstone, Evan Scope, UT Austin who's, Carl Whitaker, Austin Kristian Alveo, Whitaker, Mark Austin, Kristian Alveo, David Willson, Willson, Gina Cowart, Cowart, David Kanne, lounging, Ann, Kanne, Lu Chen, RealPage, Donald Cohen, Cohen, Graham Sowden, Dan Allen, Allen, Austin, James Rodriguez Organizations: Waterloo, University of Texas, Wall Street's, American, Communities, National, Housing, Evan Scope Crafts, UT Austin, University, UT, LV, UTs, Crafts, American Campus, HBO, West, haven't, State College ,, Moody's, Power, Middlebury College, University of Tennessee, Arizona State University, Urban Institute, Investors, Power Five, RREAF Holdings Locations: Austin, Wall, Waterloo, UT Austin, Rio, Villas, West, West Campus, Gainesville , Florida, Ann Arbor , Michigan, State College , Pennsylvania, Knoxville, South

☆ Supply chains may be moving out of China and into Asia — but they aren't really decoupling from the country
▼ + stars: | 2023-09-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Supply chains are diversifying away from China, causing a shift in global-trade patterns. Data shows that while manufacturing activity for end products has been moving out of China, supply chains haven't decoupled from the country. "Companies are moving manufacturing processes to other countries, including parts of Asia and North America, to diversify their supply chains. Companies are moving their supply chains out of China. As Insider reported in April, even Chinese companies are moving their supply chains out of China to avoid risks.

Persons: Donald Trump, Biden, Misha Govshteyn, Nomura, Sonal Varma, reexported, —, Frederic Neumann, Yukon Huang, Genevieve Slosberg, Lu Yucong, Carnegie's Huang, MaroFab's Govshteyn Organizations: Service, Apple, Mazda, Asia Supply, Nomura Holdings, East, HSBC, Association of Southeast, Nations, Carnegie Asia Program, Financial Times Locations: China, Southeast Asia, Wall, Silicon, Asia, Washington, Beijing, Vietnam, Bangladesh, North America, Houston, South Korea, Hong Kong, China's, India, Japan, Europe, Yukon, America, United States, Guangdong

☆ Want to Enjoy Music More? Stop Streaming It.
▼ + stars: | 2023-09-19 | by ( Denise Lu | ) www.nytimes.com time to read: +2 min

In 2023, I’m still building a non-streaming music collection, shelling out hard cash for what the streaming industry has convinced consumers should be free. I know it’s a privilege for me to pooh-pooh streaming — after all, for those with less disposable income than I have, it offers access to enormous music libraries at little to no cost. I was still using iTunes until 2019, when Apple decided to sunset the app and replace it with a new media player called Music (not to be confused with Apple Music, the streaming service). Once I add something to my iTunes library, I have it forever. at my college’s radio station, where we shared files and browsed the station’s racks for CDs we could rip, all to fatten up our iTunes libraries.

Persons: I’m, There’s, I’ve Organizations: Apple, iTunes, Spotify, Apple Music

"I used to love buying branded clothes," said teacher Zhang as she sifted through a pile of garments priced between 15 and 50 yuan ($2-$7). With wages and pensions hardly budging and the job market highly uncertain as more than one in five young Chinese remain unemployed, households' confidence and spending power are low in the barely growing economy. The real estate sector, one of the pillars of the economy, is struggling with massive debt. "One of my customers is a rich woman who used to go to Japan for shopping, but now she comes to my store," said Wang. ($1 = 7.3179 Chinese yuan renminbi)Additional reporting by Winni Zhou in Shanghai; editing by Marius Zaharia and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Amy Zhang, Zhang, Becky Liu, Gucci, Kering, Lu, Yunshan, I've, Wang, Winni Zhou, Marius Zaharia Organizations: Standard Chartered, Thomson Locations: BEIJING, HONG KONG, China, LVMH, Japan, Shanghai

☆ Analysis: China needs more than cheaper mortgages to revive spending
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +4 min

China said last week it would cut interest rates on existing mortgages and eased rules for first-time buyers in big cities, in what the central bank and financial regulators jointly said were moves "conducive to expanding consumption." But to prevent profit margins from shrinking further, state-owned banks have also lowered deposit rates by 10-25 basis points in a coordinated move. But they also warn that a 15 basis point cut in interest rates on Chinese households' 131.4 trillion yuan of deposits reduces interest income by 197 billion per year. Mortgage rates for first homes are around 4%, while one-year fixed deposit rates are roughly 1.5%. "People don't consume because they don't have money so cutting deposit rates cannot really work."

Persons: Simon, Yu, government's, Ting Lu, Zhaopeng Xing, Li Xiao, Li, Guo, Nancy Yang, Yang, Jason Xue, Samuel Shen, Winni Zhou, Gao, Ellen Zhang, Ziyi Tang, Joe Cash, Marius Zaharia, Jacqueline Wong Organizations: Nomura, ANZ, HIT, Thomson Locations: SHANGHAI, BEIJING, Shanghai, Beijing, China, Guangdong, Wuhan

☆ Charlie Munger invested nearly $90 million of his family fortune with Li Lu. The 'Chinese Warren Buffett' has turned it into about $400 million.
▼ + stars: | 2023-09-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Charlie Munger handed $88 million to Li Lu when the value investor launched a new fund in 2004. The value investor, who Munger has dubbed the "Chinese Warren Buffett," has grown the sum to roughly $400 million since then. "We made unholy good returns for a long, long time," Munger told the Financial Times for a new profile of Li. "And Li Lu just backed up the truck, bought all he could and made a killing." You can't find a more capitalistic capitalist than Li Lu."

Persons: Charlie Munger, Li Lu, Warren Buffett's, he's, Munger, Warren Buffett, Li, JP Yim, Kweichow, Buffett, He's Organizations: Service, Financial Times, Berkshire Hathaway's, China's, Buffett, Columbia University, Capital Management, Securities, Exchange, West Bancorp, Apple, Bank of America Locations: Wall, Silicon, Munger, BYD, Berkshire, New York, California, Washington

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

The collapse in cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto’s implosion has become a financial bonanza. Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle. Every dollar in fees is deducted from the pool of funds that will be returned to creditors at the end of the bankruptcies.

Persons: trigging Organizations: New York Times

☆ Meet Colin Huang — the billionaire founder of shopping giant Temu's parent company Pinduoduo — who quit Google to become a serial entrepreneur
▼ + stars: | 2023-09-04 | by ( Grace Dean | Lu-Hai Liang | ) www.businessinsider.com time to read: +2 min

Colin Huang, the founder of ecommerce giant Pinduoduo, is currently China's fourth-richest person. Huang, who is worth $34 billion, owns 28% of Pinduoduo, the parent company of Temu. Huang was part of the team that launched Google China. Pinduoduo takes a small commission and charges sellers to promote their products on its app, but doesn't hold any stock. Just a year ago, Pinduoduo launched its cut-price shopping app Temu in the US.

Persons: Colin Huang, Huang, Colin Huang isn't, He's, Pinduoduo Organizations: Google, Morning, Sony, Bloomberg Locations: Google China, China, New York

☆ Driverless Taxis Blocked Ambulance in Fatal Accident, San Francisco Fire Dept. Says
▼ + stars: | 2023-09-02 | by ( Yiwen Lu | More About Yiwen Lu | ) www.nytimes.com time to read: +1 min

Two Cruise driverless taxis blocked an ambulance carrying a critically injured patient who later died at a hospital, a San Francisco Fire Department report said, in another incident involving self-driving cars in the city. It said that a police vehicle in another lane had to be moved in order for the ambulance to leave. The patient, who had been struck by a car, was pronounced dead about 20 to 30 minutes after arriving at the Zuckerberg San Francisco General Hospital, about 2.4 miles away from the accident. Cruise, an autonomous vehicle subsidiary of General Motors, said that it was not at fault. The footage also showed that other vehicles, including another ambulance, passed by the right side of the Cruise taxi.

Organizations: San Francisco Fire Department, Zuckerberg San Francisco General Hospital, General Motors, The New York Times, Cruise

☆ Chinese bank results are in line with expectations, DBS says
▼ + stars: | 2023-08-31 | 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 EmailChinese bank results are in line with expectations, DBS saysManyi Lu of DBS (Hong Kong) discusses the results of two of China's biggest banks, the Industrial and Commercial Bank of China and the Bank of China.

Persons: Manyi Lu Organizations: DBS, Industrial, Commercial Bank of China, Bank of China Locations: Hong Kong

REUTERS/Aly Song/File Photo Acquire Licensing RightsSHENZHEN, China/SHANGHAI, Aug 30 (Reuters) - Chinese chip stocks rallied on Wednesday following Huawei Technologies' (HWT.UL) launch of its new Mate 60 Pro phone, as investors speculated it could be using a 5G capable chip which, if true, would mark a win for China's local semiconductor sector. On Tuesday, the company began selling its Mate 60 Pro around midday for 6,999 yuan ($960) in an unusually low-key fashion, having given no advance notice or conducted advertising. The specifications provided for the Mate 60 advertised its ability to make satellite calls, but provided no information on the power of the chipset inside. Huawei, whose woes with Washington have become a key flashpoint in U.S.-China relations, declined to comment on whether the phone was 5G capable but said in a statement the Mate 60 series was its most powerful Mate model ever. CHIP SHARES JUMPChina's semiconductor sector (.CSIH30184) jumped more than 2.5% on Wednesday, sending weekly gains to roughly 8%.

Persons: Aly, Lu Deyong, Lu, Nicole Peng, David Kirton, Jason Xue, Mo Yelin, Lincoln Organizations: Huawei, Artificial Intelligence, REUTERS, Rights, Huawei Technologies, Reuters, chipmaking, Semiconductor Manufacturing International, Pro, Staff, Washington, China's Semiconductor Manufacturing International Corp, Sai MicroElectronics Inc, Thomson Locations: Shanghai, China, Rights SHENZHEN, SHANGHAI, Washington, Beijing, Shenzhen, Kirin, Mo

☆ Xiaomi president says ev manufacturing plans ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: 1 min

A 3D printed Xiaomi logo is seen in this illustration taken, September 30, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSHENZHEN, China, Aug 29 (Reuters) - Xiaomi Corp (1810.HK) President Lu Weibing said on Tuesday that the company's plans to start mass production of electric vehicles (EVs) in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," Lu said on a company earnings call. Reporting by David Kirton; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Lu Weibing, Lu, David Kirton, Jason Neely Organizations: REUTERS, Rights, Xiaomi Corp, HK, Thomson Locations: Rights SHENZHEN, China

☆ Xiaomi revenue drops but EV strategy ahead of schedule
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Sales dropped to 67.4 billion yuan ($9.2 billion) from 70.17 billion in the same quarter a year earlier, but beating analysts' estimates of 65.13 billion. Net income rose to 5.14 billion yuan over the period, an increase of 147% from 2.08 billion yuan a year earlier, also beating expectations. "Despite the macroeconomic headwinds in the global market we continue to expand our footprint," Xiaomi President Lu Weibing said on an earnings call. Lu said the company's plans to start mass production of EVs in the first half of 2024 remains unchanged. "Our current progress is ahead of expectations and of the original production schedule," he said.

Persons: Lu Weibing, Lu, Stringer, Canalys, David Kirton, Mo Yelin, Louise Heavens, David Holmes Organizations: Xiaomi Corp, HK, REUTERS, Reuters, Thomson Locations: SHENZHEN, China, Shenyang, Liaoning province, India, Shenzhen, Mo, Beijing

☆ He Fled China’s Repression. But China’s Long Arm Got Him in Another Country.
▼ + stars: | 2023-08-26 | by ( Tiffany May | More About Tiffany May | ) www.nytimes.com time to read: +1 min

To stop him, the authorities put him under surveillance and barred him from practice, depriving him of his livelihood. Mr. Lu’s wife and young daughter fled first, moving to the United States. A few days later, as he was preparing to board a train to Thailand, he was arrested by local authorities. Accused of using fraudulent travel documents, he was in Laotian custody as of late August and facing the threat of deportation. Under Xi Jinping, China’s most iron-fisted leader in decades, Chinese authorities have aggressively expanded their net outside the country.

Persons: Lu Siwei, Lu’s, Xi, Eva Pils Organizations: King’s College London Locations: China, United States, Laos, Thailand

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI/SINGAPORE, Aug 25 (Reuters) - China's banks will cut deposit rates soon as part of efforts to make mortgages more affordable and revive property demand, analysts reading China's cryptic policy messages reckon. But China did not opt for a broad rate cut that would further depress banks' narrow net interest margins, instead deferring to banks to cut their deposit rates and give themselves room to cheapen mortgages, analysts said. Lowering deposit rates will give banks much needed wiggle room to cut mortgage rates. "Further reductions to the deposit rates are 'arrows on the string,'" said Wang Yifeng, banking analyst at Everbright Securities. He also expects a tweak to rules so that existing mortgage rates can be reset lower.

Persons: Tingshu Wang, Wang Yifeng, Zhu Qibing, LPR, Zhu, Lu Ting, Lu, Xing Zhaopeng, Xing, Winni Zhou, Tom Westbrook, Samuel Shen, Vidya Ranganathan, Jacqueline Wong Organizations: China Securities Regulatory Commission, REUTERS, Rights, Bankers, Everbright Securities, People's Bank of China, BOC International China, Nomura, ANZ, Thomson Locations: China, Beijing, Rights SHANGHAI, SINGAPORE, Shanghai, Singapore

☆ 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

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