The devil is in the details. Investors shouldn't forget about some rights the United Steelworkers union has at United States Steel.
The battle for United States Steel has already taken a number of unexpected twists and turns. Investors just got another one.
About 80% of U.S. Steel employees in North America and Slovakia are covered by collective bargaining agreements. Cleveland-Cliffs then disclosed on Sunday a cash and stock bid valued at $35. Steel service center Esmark then came in with a $35 per share all-cash bid on Tuesday. Wednesday, Reuters reported that ArcelorMittal was considering a bid. ArcelorMittal didn’t respond to a request for comment.
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