Steel Giants Clash as Canadian Company Weighs Bid for U.S. Steel
U.S. Steel and Cleveland-Cliffs are in a dispute over a confidentiality agreement that would allow Cleveland-Cliffs to participate in the sale process of U.S. Steel. U.S. Steel has not granted access to its books to Cleveland-Cliffs, as the latter refuses to sign a standstill agreement preventing it from challenging U.S. Steel's board of directors. Cleveland-Cliffs wants to keep its options open as it pursues the acquisition. U.S. Steel has made the standstill agreement a condition for due diligence and participation in the sale process. Other potential bidders are being granted access on the same terms. It remains uncertain whether U.S. Steel will agree to a deal with any party.