Steel union head calls ArcelorMittal bid for US Steel 'foolish'
Reuters
Published Aug 16, 2023 03:51PM ET
By Bianca Flowers
(Reuters) - United Steel Workers (USW) International President Tom Conway on Wednesday called ArcelorMittal (NYSE:MT)'s bid consideration for U.S. Steel "foolish" and said the union wouldn't endorse any buyers other than Cleveland-Cliffs (NYSE:CLF).
ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp Reuters reported.
If it does launch a bid, it could mark the escalation of a bidding war that is already underway for U.S. Steel, following offers from Cleveland-Cliffs Inc (CLF.N) and Esmark Inc for more than $7 billion.
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Written By: Reuters
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