Esmark makes $7.8-billion offer for U.S. Steel Corp

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On Sunday, U.S. Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs (NYSE:CLF).

The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday.