In an official press release, U. S. Steel confirmed that it has rejected the offer from Cleveland-Cliffs, but also noted that it intends to conduct a strategic review of “multiple unsolicited proposals” received for the company.
 
According to the Associated Press, Cleveland-Cliffs first made the cash and stock offer in late July but decided to make the terms of its proposal public after U. S. Steel turned down the deal. Despite the rejection, Cleveland-Cliffs chief executive Lourenco Goncalves said he remains open to future dialogue with U. S. Steel, the Associated Press reported.