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Cleveland-Cliffs offers to buy American Steel for cash, in a stock deal

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(Bloomberg) — Cleveland-Cliffs Corp. said it has placed an offer to buy United States Steel Corp. in cash and stock deals, as it looks to build one of the largest steelmakers in the world.

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US Steel on Sunday rejected the offer, calling it “unreasonable,” Cleveland-Cliffs said.

Cleveland-Cliffs has offered to pay $17.50 in cash and 1,023 of its own stock for each US Steel share, the company said in a statement Sunday. That means a value of $32.53 per share as of Friday’s close, a 43% increase from US Steel’s last closing price of $22.72.

The announcement comes hours after US Steel said it had begun a formal review of strategic alternatives after receiving “multiple unsolicited” offers ranging from the acquisition of certain production assets to offers for the entire company.

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