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U.S. Steel rejects $7.3 billion buyout offer from competitor
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Company officials cite potential buyers’ refusal to talk privately
RANITE CITY — U.S. Steel, the parent company of U.S. Steel-Granite City Works, has rejected a $7.3 billion offer to purchase all of the company’s outstanding stock from rival Cleveland-Cliffs, Inc., citing the other company’s refusal to privately discuss “several key issues” related to the sale.
How it would impact Granite City Works is unknown. In addition to the sale of the parent company, much of the facility is being considered for sale to another company, or closure.
On Sunday both companies issued public statements regarding the potential sale. And while the national union made a statement, local Steelworkers’ officials could not be reached for comment Monday morning (August 14th).
Steel is processed at U.S. Steel/Granite City Works in Granite City. U.S. Steel, the parent company of U.S. Steel-Granite City Works, has rejected a $7.9 billion offer to purchase all of the company’s outstanding stock from rival Cleveland-Cliffs, Inc.
Bi-State Development Agency
Source: thetelegraph.com
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