Steel giant Cleveland-Cliffs Inc. has made public its intention to acquire all outstanding stock of the United States Steel Corporation in a cash and stock deal that would — if approved by shareholders and regulatory officials — create one of the world’s largest steel producers.
The offer, which had been kept under wraps when first presented to the board of US Steel at the end of July, was made public by Cleveland-Cliffs on August 11 and disseminated in a company news release on August 13.