Shares of Cleveland-Cliffs (CLF) are off earlier session lows and trading near the flatline at $14.98 in late afternoon trading after Esmark confirmed that it will not participate in the purchase process for U.S. Steel Corporation (X). “Esmark had previously stated its intention to bid for, and negotiate a purchase with, U.S. Steel. Esmark respects the position of the United Steelworkers which is supporting Cleveland Cliff’s offer for U.S. Steel. Esmark maintains a solid working and personal relationship with the USW organization and its leadership,” Esmark stated in a press release. In afternoon trading following Esmark’s announcement, shares of U.S. Steel are down 52c, or about 2%, to $31.50.
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Read More on CLF:
- Esmark Bows to Union, Withdraws Bid to Acquire U.S. Steel (NYSE:X)
- Cleveland-Cliffs sends letter to U.S. Steel over right to bid provisions
- U.S. Steel (NYSE:X) Rises as Bidding War Intensifies
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