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Ultimately, Cleveland-Cliffs failed to purchase U.S. Steel as the company agreed to be acquired by Japan's Nippon Steel instead for $14.9 billion. [48] In January 2025, US President Joe Biden blocked the merger. Both US Steel and Nippon sued the US government, complaining that the block was “a clear violation of due process”.
As of 2020, its assets were owned by Cleveland-Cliffs. Inland Steel was an integrated steel company that reduced iron ore to steel. It specialized in the basic open hearth steelmaking process. This produced a steel that was resistant to extreme temperature, unlike those made from the Bessemer or acid open hearth processes. [1]
In August 2023, U.S. Steel became the target of a bidding war. [27] Cleveland-Cliffs was one of the first companies to make a bid, offering $7.8 billion to acquire the company. Cliffs proposed that it would split the deal by $17.50 in cash and just over one share's worth of Cliffs stock, which Cleveland-Cliffs presented as being worth $35 per ...
According to Ward, this could happen because the collapse of the deal on Friday leaves the backdoor open for domestic buyers – namely Ohio-based Cleveland-Cliffs, which offered to acquire U.S ...
Earlier this summer the United Steelworkers union vowed to only support a proposed offer by another unionized American steel company, Cleveland Cliffs, to buy US Steel, in a cash and stock deal ...
Nippon agreed to buy US Steel a year ago for nearly double the price of the hostile offer the company received from US-based Cleveland Cliffs. To secure approval for the deal, Nippon pledged to ...
The company, whose name was derived from the initials of Armco, its predecessor company, and Kawasaki Steel Corporation, was acquired by Cleveland-Cliffs in 2020. AK Steel operated eight steel plants and two tube manufacturing plants in Ashland, Kentucky; Butler, Pennsylvania; Coshocton, Ohio; Dearborn, Michigan; Mansfield, Ohio; Middletown ...
AK Steel Holding Corporation (NYSE: AKS ) has entered into a definitive merger agreement with Cleveland-Cliffs Inc (NYSE: CLF ), in which the latter will acquire all the shares of the steelmaker.