United States Steel Surges As Co. Says No To Acquisition Proposal By Cleveland-Cliffs

(RTTNews) - Shares of United States Steel Corporation (X) are surging more than 26% Monday morning after it rejected the acquisition proposal from Cleveland-Cliffs Inc.

United States Steel had to back off from the proposal as Cleveland-Cliffs refused to engage in the process to assess valuation and certainty unless U. S. Steel agreed to the economic terms of the proposal in advance, the company said in a statement.

The company had earlier received a number of unsolicited proposals for acquisition of certain production assets or the whole company.

United States Steel is also initiating a formal review process to evaluate strategic alternatives.

United States Steel shares are at $28.74 currently. It has traded in the range of $17.89 - $31.55 in the last 1 year.