---
schema_version: "secwatch.filing_event.v1"
accession: "0000764065-23-000133"
form_type: "8-K"
ticker: "CLF"
cik: "0000764065"
company_name: "CLEVELAND-CLIFFS INC."
filed_at: "2023-08-14T23:59:59+00:00"
generated_at: "2026-06-11T13:24:50.693300+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000764065-23-000133
- form_type: 8-K
- ticker: CLF
- cik: 0000764065
- company_name: CLEVELAND-CLIFFS INC.
- filed_at: 2023-08-14T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/764065/000076406523000133/0000764065-23-000133-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/764065/000076406523000133/clf-20230813.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000764065-23-000133
- JSON: https://secwatch.observer/filing/0000764065-23-000133.json
- Plain text: https://secwatch.observer/filing/0000764065-23-000133.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.