U.S. Steel turns down a buyout.

From Marketplace, I'm Nancy Marshall-Genzer, in for David Brancaccio.

U.S. Steel, the Pittsburgh-based steel manufacturer founded by J.P. Morgan and Andrew Carnegie,

rejected a buyout bid from competitor Cleveland Cliffs yesterday.

The CEO of U.S. Steel says the company is now reviewing its options,

and it says it's got another offers from multiple unnamed sources.

Marketplace's Henry Epis here with more good morning, Henry.

Hi, Nancy.

Yeah, so the bid from Cleveland Cliffs valued U.S. Steel at about $7 billion,

according to media reports.

The deal would make the combined company one of the globe's larger steel makers

in an industry that's dominated by Chinese businesses.

According to press releases from both companies,

Cleveland Cliffs originally made its offer in late July.

U.S. Steel CEO David Burrett says the companies were then in discussions to sign

a non-disclosure agreement, but those talks seemingly fell apart,

leading both companies to go public with these details of the takeover bid over the weekend.

So, Henry, these companies both have roots in the U.S. that go back well over a century.

So, why is Cleveland Cliffs going after U.S. Steel now?

So, Cleveland Cliffs has been on a bit of a buying spree in recent years,

and it seems to want to keep that going.

It acquired another Ohio-based steel maker,

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