Cleveland-Cliffs publicly proposes to acquire U.S. Steel for $35/share; offer rejected by U.S. Steel board

CLEVELAND-CLIFFS INC.

Offer of $17.50 cash + 1.023 CLF shares per X share, valued at ~$35/share (~43% premium to July 28 market price).
U.S. Steel board rejected proposal as 'unreasonable'; Cliffs is taking offer public to force engagement.
United Steelworkers union supports the deal and will not exercise its right to counter the proposal.
Combined company expects ~$500M in synergies; Cliffs board unanimously approved; no financing condition.
U.S. Steel initiates formal review of strategic alternatives; invites Cliffs to participate in the process.

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