U.S. Steel declines billion-dollar buyout from Cleveland-Cliffs

GRANITE CITY (KMOV) -- U.S. Steel, a company with deep ties in the Metro East, is rejecting a rival’s takeover offer.

The steel company declined a billion-dollar buyout from its rival Cleveland-Cliffs. The Ohio-based company said it will continue to pursue the deal, which would make the company one of the 10 largest steelmakers in the world.

It is unknown how this would impact U.S. Steel’s proposed sale of two blast furnaces at its Granite City Works plant. Last year, U.S. Steel announced the deal with SunCoke Energy, also in Granite City. The deal still hasn’t gone through.

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