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US Steel and its rival steelmaker Cleveland-Cliffs have clashed over a confidentiality pact that would allow the latter to participate in a sale process that is underway. According to sources, US Steel has refused to open its books to Cliffs even as it accepts initial bids this week from other potential acquirers. On the other hand, Cliffs has refused to sign a six-month standstill agreement that would prevent it from challenging US Steel’s board of directors, because it wants to keep its options open as it looks to acquire US Steel. US Steel has made the standstill a condition to allowing Cliffs to participate in its sale process, Last month, US Steel had rejected a $7.3bn acquisition offer from Cleveland Cliffs. US Steel has said it has received interest from “multiple other parties” in a potential deal involving the entire company or some of its assets, but has not named them. In related news, last month it was reported that ArcelorMittal was working on a potential bid for US Steel.
US Steel bonds were trading flat with its 6.875% 2029 bond trading at par, yielding 6.87%
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