Exterior view of U.S. Steel Corp rolling mills
in Granite City, Illinois on July 5, 2017. REUTERS/David Lawder/File Photo Acquire Licensing Rights
NEW YORK, Sept 20 (Reuters) - U.S. Steel Corp (X.N) is locked in a spat
with rival steelmaker Cleveland-Cliffs Inc (CLF.N) over a
confidentiality pact that would allow the latter to participate in a sale
process that is underway, people familiar with the matter said on Wednesday.
U.S. Steel has not opened its books to Cliffs since announcing on Aug. 13 it
will explore a sale, even as it accepts initial bids this week from other
potential acquirers, because Cliffs will not agree to its conditions, the
sources said.
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Cliffs has refused to sign a six-month standstill agreement that
would prevent it from challenging U.S. Steel's board of directors, because it
wants to keep its options open as it pursues the company, the sources said.
U.S. Steel has made the standstill a condition to allowing
Cliffs to carry out due diligence and participate in its sale process, the
sources added. It has also told Cliffs that all bidders are being granted
access to its sale process on the same terms, according to the sources.