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Steel union head calls ArcelorMittal bid for US Steel 'foolish'

Published 08/16/2023, 03:51 PM
Updated 08/16/2023, 03:56 PM
© Reuters. The logo of ArceloMittal is seen on a jacket at the ArcelorMittal metals plant in Dunkirk as part of a media tour dedicated to the reduction of carbon intensity of the industry in France, January 16, 2023. REUTERS/Benoit Tessier/file photo

By Bianca Flowers

(Reuters) - United Steel Workers (USW) International President Tom Conway on Wednesday called ArcelorMittal (NYSE:MT)'s bid consideration for U.S. Steel "foolish" and said the union wouldn't endorse any buyers other than Cleveland-Cliffs (NYSE:CLF).

ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp Reuters reported.

If it does launch a bid, it could mark the escalation of a bidding war that is already underway for U.S. Steel, following offers from Cleveland-Cliffs Inc (CLF.N) and Esmark Inc for more than $7 billion.

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