Cleveland-Cliffs Offer Denied by U.S. Steel

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US Steel Corporation has turned down a $7.3 billion buyout bid from Cleveland Cliffs citing an inability to conduct thorough due diligence. The offer disclosed earlier by Cleveland Cliffs was valued at $35 a share notably higher than us. Steel's closing stock price at least Friday which was $22.72. Us. Steel. Ceo David Burr said in a letter released yesterday at this juncture, we cannot determine whether your unsolicited proposal properly reflects the full and fair value of the company. And in an earlier statement, Burtt revealed the company has received multiple unsolicited offers prompting a deeper review of potential strategic paths.