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...Nippon offered $55 a share in cash for US Steel in December, months after the American company had rebuffed a lower offer from US-based Cleveland-Cliffs....
...There is also the fact that Cleveland Cliffs could pay far less than Nippon, even using its own shares....
...A Cleveland-Cliffs/US Steel combination would have created a US national champion....
...Cleveland Cliffs’ proposal would be the first blast furnace to close and be replaced by cleaner technology, while keeping a local, unionised workforce....
...Shares of US Steel soared in pre-market trading a day after the steel producer rejected a $7.3bn bid from rival Cleveland-Cliffs....
...Cliffs shares have risen 50 per cent in the last five years. The integrated iron ore miner and steelmaker has become an industry consolidator....
...The deal has been in the works since December, when Nippon offered $55 a share in cash for the company, months after it had rebuffed a lower offer from US-based Cleveland-Cliffs....
...Pennsylvania-based Esmark said that it “respects the position” of the union, which is supporting a bid by rival Cleveland-Cliffs....
...offers for the company....
...Chief executive Lourenco Goncalves told Bloomberg that Cleveland-Cliffs would consider a bid “in the $30s” and would have the United Steelworkers’ backing....
...The acquisition would create the only US steel company to be a top 10 producer in the world, Cleveland-Cliffs said....
...Cleveland-Cliffs was founded in 1847 to mine iron ore in the Great Lakes region....
...It comes after much of the country’s steel industry has consolidated, leaving Cleveland-Cliffs, Nucor, Steel Dynamics and US Steel as the four large players....
...Their 2005 study told a different story: women tended to be appointed at companies that had already been performing poorly, leaving the new leader to teeter on what the researchers called a glass cliff....
...There is excitement, too, about a new downtown headquarters of Sherwin-Williams, a paint company, and extended bike paths and overdue improvements to the lakefront....
...Friday interview: Cliff Asness Three decades ago, Cliff Asness was a PhD student under Eugene Fama, often considered the originator of the efficient markets hypothesis....
...The union, however, favoured an earlier, lower, bid from another US steelmaker, Cleveland-Cliffs, which it views as more union-friendly....
...The two companies could perhaps share infrastructure for their metallurgical coal mines in Queensland Australia. Both have iron pellet businesses in Brazil....
...Cliff White headed the Justice Department’s bankruptcy “watchdog” unit, the US Trustee Program, for 17 years prior to his retirement in 2022....
...US Steel had been considering strategic options from earlier this year and in August it rejected a $7.32bn acquisition bid from rival Cleveland-Cliffs. Read more here...
...Capitalism reins in the sale of US Steel In August, Cleveland-Cliffs wrapped its unsolicited bid for US Steel in an American flag....
...BHP has proposed an all-share takeover of Anglo American in a deal that would reshape the mining industry and bolster the presence of the world’s largest mining company in copper, iron ore and fertilisers...
...Demand is falling from all the sectors that have been the largest buyers of steel: property developers, carmakers and home appliance companies....
...Company results: Frozen potato processor Lamb Weston and consumer packaged foods company Conagra Brands will report earnings before the bell....
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