Cleveland-Cliffs Late Thursday Announced It Received Exclusive Assignment of Right to Bid from United Steelworkers
Portfolio Pulse from Charles Gross
Cleveland-Cliffs Inc. (CLF) has received the exclusive right to bid from United Steelworkers (USW) under their Basic Labor Agreement with United States Steel Corporation (X). This makes Cliffs the only realistic buyer for U.S. Steel. Cliffs has also agreed to assume all agreements between U.S. Steel and the USW applicable to U.S. Steel employees upon closing of a transaction.
August 18, 2023 | 9:14 am
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POSITIVE IMPACT
Cleveland-Cliffs' acquisition of U.S. Steel could potentially increase its market share and revenues. However, assuming U.S. Steel's agreements with USW may also bring additional responsibilities and costs.
The acquisition of U.S. Steel by Cleveland-Cliffs could potentially increase its market share and revenues, which is positive for the company. However, assuming U.S. Steel's agreements with USW may also bring additional responsibilities and costs, which could impact the company's profitability.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
U.S. Steel's potential acquisition by Cleveland-Cliffs could lead to changes in its operations and potentially affect its stock price.
The potential acquisition of U.S. Steel by Cleveland-Cliffs could lead to changes in its operations, which could potentially affect its stock price. The impact on the stock price could be positive or negative depending on how the market perceives the acquisition.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100