U.S. Steel announces the board will review offers to buy the company, Cliffs has submitted offer

An update from U.S. Steel on Sunday, about what they are calling strategic alternatives.

CEO Dave Burritt said the Board of Directors have started a formal review process to evaluate options for the future of U.S. Steel.

They’ve been approached by several companies interested in buying all or parts of the steelmaker. One of those companies is Cleveland-Cliffs, but Cliffs said U.S. Steel rejected the offer.

He said the board is evaluating those offers and any others that may come in, as the board is required to do by law. This process may take several months.

Burritt said in a video statement, “It’s clear that others are now seeing what we know to be true. This is a great company composed of 1000s of hardworking, principled individuals who are highly valued.”

But it will be business as usual for now.

U.S. Steel owns Minntac and Keetac.

Later on Sunday, Cleveland-Cliffs put out a statement saying they have proposed acquiring U.S. Steel, and have the full support of the United Steelworkers on this proposal.

Here’s more from them: