While headquartered in
Pittsburgh, U.S. Steel operates three facilities along Lake Michigan in
Northwest Indiana, including Gary Works, its largest manufacturing plant.
U.S.
Steel, one of the nation's largest steel producers and a top employer in
Northwest Indiana, announced Sunday its decision to evaluate strategic
alternatives after receiving unsolicited offers for specific assets, as well as
the whole company.
In a news release, the company said its Board of Directors
will initiate a formal review process, with the assistance of financial and
legal advisors.
“...This decision follows the Company receiving multiple
unsolicited proposals that ranged from the acquisition of certain production
assets to consideration for the whole Company," David B. Burritt, U. S.
Steel’s President, Chief Executive Officer and member of the Board of
Directors, stated in the news release, in part.
Ohio-based steel producer Cleveland-Cliffs Inc. disclosed that it previously offered to purchase U.S.
Steel, but its offer "was rejected as being 'unreasonable' by the Board of
Directors of U.S. Steel" via a letter it received on Sunday.
"As such, Cliffs feels compelled to make its offer publicly
known for the direct benefit of all of U.S. Steel’s stockholders and also make
it known that Cliffs stands ready to engage on this offer immediately,"
the company said in its own statement, which included details of its acquisition
proposal. U.S. Steel hasn't specifically mentioned Cleveland Cliffs' proposal
or interest from any other companies.
While headquartered in Pittsburgh, U.S. Steel operates three
facilities along Lake Michigan in Northwest Indiana, including Gary Works,
its largest manufacturing plant. According to its website, more than 4,300 people are employed at the Gary
facility.