Summary

Cleveland-Cliffs and United States Steel Corporation shares surged after news of Cleveland-Cliffs’ goal to acquire the business.

United States Steel rejected the proposed transaction offer from Cleveland-Cliffs, but investors believe further negotiations may occur. Cleveland-Cliffs aims to become the only American steel company in the top 10 global steel producers, with potential cost-cutting synergies and market power adding value. This transaction, even at a higher price, could very well make sense for both parties, even without the synergies. Read the full article on Seeking Alpha

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By Donato