United States Steel Corporation, one of the most iconic American steelmakers, rejected a takeover bid from rival Cleveland-Cliffs Inc. that would have formed one of the world's largest steelmakers. On Sunday, US Steel announced the process to assess its alternatives after receiving multiple approaches for parts or all of the business. About three hours later, Cliffs went public with its cash and share bid, which values the company at about $7.25 billion based on closing prices on Friday, representing a 43% premium. Cleveland-Cliffs said…
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