(WBBM NEWSRADIO) - U.S. Steel is looking into a potential sale.
It could have a massive impact on the industry and those in Northwest Indiana, since the company employs thousands of workers at its sites in Gary and Portage.
Rival steelmaker Cleveland-Cliffs offered to acquire 100% of U.S. Steel's stock, but President and CEO David Burritt said the deal fell through because they were being pushed to accept without proper due diligence.
The unsolicited buyout now has U.S. Steel looking into whether or not selling part or all of the company would be beneficial.
“U. S. Steel’s Board and management team are committed to maximizing value for our stockholders, and to that end, we have commenced a comprehensive and thorough review of strategic alternatives,” said Burritt.
“This decision follows the Company receiving multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole Company. The Board is taking a measured approach to considering these proposals, including seeking more information in order to evaluate proposals that are preliminary and subject to ongoing due diligence and review.”
A timeline on the evaluation remains unclear.
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