Why Cleveland-Cliffs made its $7B+ bid for U.S. Steel
On paper, Cleveland-Cliffs Inc. and United States Steel Corp. look similar: Both are steel producers, one headquartered in Ohio, the other in Pittsburgh. One bills itself as the largest flat-rolled steel company on the continent; the other is a big player in the steel industry since the days of Andrew Carnegie that’s in the midst of transforming itself into a much greener powerhouse. And Cleveland-Cliffs and U.S. Steel have similar operations in every aspect of the steel business. Both rode out the downturn in the steel industry in the mid-2010s, and both have emerged to a revival of domestic manufacturing and domestic steelmaking.
And that’s just what Cleveland-Cliffs is counting on if it’s successful in its $7.3 billion bid to acquire U.S. Steel.
Read more at Pittsburgh Business Times.
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