US Steel, Cliffs Spar Over Union’s Rights in Dueling Filings
- US Steel sends letter to union workers regarding their rights
- Cliffs letter says US Steel must inform union of any proposals
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United States Steel Corp. and Cleveland-Cliffs Inc. exchanged blows via regulatory filings that wrangled over the rights of the United Steelworkers to bid for the iconic American steelmaker in the event that the company is presented with a “bona fide” takeover offer.
US Steel said Tuesday in a filing that it sent a letter to its union workers regarding the strategic review process announced earlier this month, informing them of rights previously outlined in a labor contract signed a year ago. Hours later, Cliffs — which is behind a $7.3 billion bid to buy the Pittsburgh-based producer — submitted a filing indicating it sent US Steel a letter saying the company is obliged to inform the steelworkers and Cliffs of any proposals received.