August 14, 20231 yr 10 hours ago, Mov2Ohio said: https://www.google.com/amp/s/www.wtae.com/amp/article/us-steel-cleveland-cliff-purchase-proposal/44802901 PITTSBURGH — A Cleveland-based steel-mining company has offered to buy up Pittsburgh-based U.S. Steel, an offer U.S. Steel flatly rejected. Revenge for PNC taking over NCB? >:)
August 14, 20231 yr 11 hours ago, Mov2Ohio said: https://www.google.com/amp/s/www.wtae.com/amp/article/us-steel-cleveland-cliff-purchase-proposal/44802901 PITTSBURGH — A Cleveland-based steel-mining company has offered to buy up Pittsburgh-based U.S. Steel, an offer U.S. Steel flatly rejected.
August 14, 20231 yr To throw a little cold water around, I can't see the government going for this merger, especially with Lina Kahn at the FTC. The surviving Cliffs would be the only large producer of steel from iron ore left in the country. That kind of steel is preferred for use in autos and appliances because of its purity and malleability. Nucor and Steel Dynamics both use scrap for their raw material. Remember: It's the Year of the Snake
August 14, 20231 yr 20 minutes ago, Dougal said: To throw a little cold water around, I can't see the government going for this merger, especially with Lina Kahn at the FTC. The surviving Cliffs would be the only large producer of steel from iron ore left in the country. That kind of steel is preferred for use in autos and appliances because of its purity and malleability. Nucor and Steel Dynamics both use scrap for their raw material. Is the Boeing merger with McDonnell Douglas a precedent for a merger like this?
August 14, 20231 yr 1 minute ago, dski44 said: Is the Boeing merger with McDonnell Douglas a precedent for a merger like this? Wasn't MDD considered a failing company? Plus the current administration is much tougher on mergers. Remember: It's the Year of the Snake
August 14, 20231 yr 4 minutes ago, Dougal said: Wasn't MDD considered a failing company? Plus the current administration is much tougher on mergers. Not sure. But politically it might be better to hold off until the next election is over. This may not go over well with Western PA/Pittsburgh voters.
August 14, 20231 yr I was in Minerva OH yesterday and talking to a friend of mine who works for Cleveland Cliffs, he was with ArcelorMittal I believe before the buy out, and he said that they are planning to shut down some/or all the operations down near there and move 300 jobs up to the CLE location. He said if that goes through we'll end up being neighbors, he'll be moving his family to CLE. Sounds like Cleveland Cliffs is not messing around, they've got big goals and seem to be aggressive about accomplishing them... and quickly! I must say, I LOVE to see it! I love seeing a Cleveland company leading they way and aggressively growing, I hope and pray other local companies see it and are inspired to do the same as well. Bring on that MASSIVE CLeveland Cliffs Skyscraper!!!!!!!
August 14, 20231 yr A few interesting tidbits I saw at the end of this press release from Cliffs https://www.clevelandcliffs.com/news/news-releases/detail/600/cleveland-cliffs-proposes-to-acquire-u-s-steel Quote Mr. Goncalves concluded, “Most importantly, our proposal has the full support of the United Steelworkers union. This is a testament to our unwavering commitment to our employees -- which would number approximately 40,500 pro forma for the transaction -- as well as to the communities in which we operate. We have proven in our previous M&A transactions our strong track record of significant value creation and our ability to grow the business through the addition of thousands of union jobs. Finally, with this transaction we will create the only American member of the Top 10 steel companies in the World, joining a select group of just three other companies outside of China -- one European, one Japanese and one Korean. We believe that having Cleveland-Cliffs as a world-class, internationally competitive steel company is critical for our country to retain its economic leadership and to regain its manufacturing independence.” As was noted in the letter that Cliffs sent to U.S. Steel on July 28, 2023, Cliffs remains prepared to engage immediately in substantive discussions with U.S. Steel to work towards a mutually acceptable definitive agreement and is ready to commit all necessary resources to finalize documentation. The proposed transaction has the unanimous approval of Cliffs’ Board of Directors and is not subject to any financing condition. Several tier 1 U.S. and international banks have advised in writing that they are highly confident that they will be able to arrange the necessary debt financing for the proposed transaction. In addition, based on review by outside counsel, Cliffs believes the proposed transaction would receive regulatory approval in a timely manner. Moelis & Company LLC, Wells Fargo, J.P. Morgan and UBS are acting as financial advisors to Cliffs and Davis Polk & Wardwell LLP is serving as legal counsel.
August 14, 20231 yr 31 minutes ago, NR said: I was in Minerva OH yesterday and talking to a friend of mine who works for Cleveland Cliffs, he was with ArcelorMittal I believe before the buy out, and he said that they are planning to shut down some/or all the operations down near there and move 300 jobs up to the CLE location. He said if that goes through we'll end up being neighbors, he'll be moving his family to CLE. Sounds like Cleveland Cliffs is not messing around, they've got big goals and seem to be aggressive about accomplishing them... and quickly! I must say, I LOVE to see it! I love seeing a Cleveland company leading they way and aggressively growing, I hope and pray other local companies see it and are inspired to do the same as well. Bring on that MASSIVE CLeveland Cliffs Skyscraper!!!!!!! Hate to bring the cold water (sort of my job around here sometimes) but more likely they fill up 200 Public Square and perhaps rename it. It already has their logo on it. And as you say it's quicker. Which is also a massive boost for downtown. I would reference the common reticence manufacturing people already have towards downtown offices, but since the mill is practically down there already it's not applicable.
August 14, 20231 yr 1 hour ago, dski44 said: Not sure. But politically it might be better to hold off until the next election is over. This may not go over well with Western PA/Pittsburgh voters. Pittsburgh could try to lure the potential post merger HQ.
August 14, 20231 yr 1 hour ago, Dougal said: Wasn't MDD considered a failing company? Plus the current administration is much tougher on mergers. If the current administration has any sense at all (debatable, but the previous wasn't much better), they will make it a condition of approval that the new company produce a certain percentage of their steel domestically for a number of years. The national defense ramifications would be incalculable. Again, there should be a statue on Public Square of whoever it was at LTV that decided to do a hot shutdown on those mills.
August 14, 20231 yr 3 minutes ago, urb-a-saurus said: Pittsburgh could try to lure the potential post merger HQ. Of Cleveland Cliffs? The city managed to keep SW, I can't see them letting that happen.
August 14, 20231 yr 24 minutes ago, urb-a-saurus said: Pittsburgh could try to lure the potential post merger HQ. Pittsburgh Cliffs?
August 14, 20231 yr 51 minutes ago, urb-a-saurus said: Pittsburgh could try to lure the potential post merger HQ. I was thinking the same thing. Never assume you will be the HQ just because your hometown company is “the buyer”. There are a lot of factors that go into that decision. Talent Pool, Office/Lease details and quality, along with many others including politics. As someone mentioned above thats if the feds even let this one slide. Remember Pennsylvania is a swing state and currently Ohio is not. The Biden Admin will be very sensitive to optics. Edited August 14, 20231 yr by 646empire
August 14, 20231 yr 8 minutes ago, 646empire said: I was thinking the same thing. Never assume you will be the HQ just because your hometown company is “the buyer”. There are a lot of factors that go into that decision. Talent Pool, Office/Lease details and quality, along with many others including politics. Great, all of those factors favor the hometown. Cliff's isn't leaving downtown Cleveland and it's silly to speculate otherwise. Edited August 14, 20231 yr by Clefan98
August 14, 20231 yr 7 minutes ago, Clefan98 said: Great, all of those factors favor the hometown. Cliff's isn't leaving downtown Cleveland and it's silly to speculate otherwise. Silly? lol ok. Also no one is speculating they are leaving. The 2 companies don't even have a deal to merge. Ive followed a lot of mergers and aquistions and just stating HQ location decisions can vary for all kinds of reasons. Sometimes companies tie up and there isn't really job lose or gain in either city because the company chooses to keep most offices in place and just shuffle executives. Again who knows it's not official and no one is going to comment until there is a deal. Edited August 14, 20231 yr by 646empire
August 14, 20231 yr 5 minutes ago, 646empire said: The 2 companies don't even have a deal to merge. Hence, the silliness of it all.
August 14, 20231 yr 7 minutes ago, nokoeeee said: Yikes. Not a Convincing Interview. We shall see about this one. Im fascinated by M&A's. Edited August 14, 20231 yr by 646empire
August 14, 20231 yr 3 minutes ago, 646empire said: Yikes. Not a Convincing Interview. We shall see about this one. Im fascinated by M&A's. LOL. It's a 5min interview and there's only so much he's legally allowed to say in public. You know this. If Cliffs wants something, they usually get it, just ask AK Steel.
August 14, 20231 yr 27 minutes ago, Clefan98 said: LOL. It's a 5min interview and there's only so much he's legally allowed to say in public. You know this. If Cliffs wants something, they usually get it, just ask AK Steel. You seem very hostile, my gosh calm down it's my opinion. Those 5 mins you mentioned didn't seem like he had a compelling and cohensive message for a merger at least not yet. sheesh. Also im not very familiar with AK Steel except it being based in Northern Kentucky at one point before I moved to NYC, will have to read up on how it went down. Edited August 14, 20231 yr by 646empire
August 14, 20231 yr 10 minutes ago, 646empire said: You seem very hostile, my gosh calm down it's my opinion. Those 5 mins you mentioned didn't seem like he had a compelling and cohensive message for a merger at least not yet. sheesh. Also im not very familiar with AK Steel except it being based in Northern Kentucky at one point before I moved to NYC, will have to read up on how it went down. Lightened up, Francis. Disagreement doesn’t = hostility
August 14, 20231 yr Whether Pittsburgh would win the HQ or not, they (and Pennsylvania) could certainly try. I remember US Steel had that 65? story building, which now says UPMC? Where are they located now? Hey, don't forget Atlanta 😉. Edited August 14, 20231 yr by urb-a-saurus
August 14, 20231 yr Here's the Steelworkers supporting statement: Cliffs supports blast furnaces; USS doesn't. https://finance.yahoo.com/news/union-leader-cleveland-cliffs-best-160730649.html Remember: It's the Year of the Snake
August 14, 20231 yr 2 hours ago, Clefan98 said: LOL. It's a 5min interview and there's only so much he's legally allowed to say in public. You know this. If Cliffs wants something, they usually get it, just ask AK Steel. Plus, I’m pretty sure that’s just a clip of the full interview.
August 14, 20231 yr Now Esmark of Sewickley, PA, has offered $7.5 billion all-cash for USS. The current, privately-owned Esmark is a minnow trying to swallow a whale, although its CEO has been very successful with other deals. It's not immediately clear whether they could actually finance the deal; and if they could, it would be almost have to be a leveraged buy-out which is not a great play in a high-interest environment. https://finance.yahoo.com/news/esmark-offers-buy-us-steel-190141867.html Remember: It's the Year of the Snake
August 14, 20231 yr 9 hours ago, KJP said: If Cliffs gets USS, or significant parts thereof, we may see a new office building in downtown Cleveland. Is it also possible Cliffs would rename the new combined organization and move into USS’s HQ in Pittsburgh? Don’t they have a trophy building there?
August 14, 20231 yr I think they just have several floors of the building like cliffs does with 200 PS
August 15, 20231 yr U.S. Steel open to partial or full acquisition; Cliffs, other firms express interest Aug 14, 2023 Updated 4 hrs ago United States Steel Corporation (NYSE: X) confirmed it has invited Cleveland-Cliffs Inc. to participate in its previously announced strategic review process. http://www.businessnorth.com/daily_briefing/u-s-steel-open-to-partial-or-full-acquisition-cliffs-other-firms-express-interest/article_0ce688f8-3aa7-11ee-8418-33ff945f9356.html
August 15, 20231 yr The pessimism is kind of amusing. Here we have a fortune 500 company based in Cleveland since before the civil war, with Cleveland being part of its name, trying to acquire another huge company and people are talking about maybe Cliffs will move away as a result. I’ve changed my mind. We don’t need 4 steel producers in this country. 3 is plenty. Get the deal done, Lourenco!
August 15, 20231 yr Elon Musk’s jet was in town? My reckless take is that if this was true he wanted to quickly negotiate long term auto steel prices as Cliffs or USX are the sole producer of steel for electric vehicles and the impending takeover of USX could affect his bottom line.
August 15, 20231 yr 2 hours ago, bwheats said: Elon Musk’s jet was in town? My reckless take is that if this was true he wanted to quickly negotiate long term auto steel prices as Cliffs or USX are the sole producer of steel for electric vehicles and the impending takeover of USX could affect his bottom line. Or he’s trying to get the X ticker that US Steel has because the dude has a weird obsession with naming everything X.
August 15, 20231 yr 13 minutes ago, JB said: Or he’s trying to get the X ticker that US Steel has because the dude has a weird obsession with naming everything X. What a weirdo!
August 15, 20231 yr 24 minutes ago, X said: What a weirdo! Agreed? edit- oh god that went over my head. I’m man enough to leave it up though. Watch out, he may come four your username next. Edited August 15, 20231 yr by JB
August 15, 20231 yr 20 minutes ago, JB said: Agreed? edit- oh god that went over my head. I’m man enough to leave it up though. Watch out, he may come four your username next. I think @X should go after Elon for trademark infringement. After all he has been using "X" for a long time. We should start a go fund me for attorneys fees. I think we would only need to raise like a hundred million for that purpose. 😉
August 15, 20231 yr 2 hours ago, JB said: Or he’s trying to get the X ticker that US Steel has because the dude has a weird obsession with naming everything X. The funny thing is how plausible this is. “Oh, Cliffs buying USS? Lemme see how I can sweeten the deal and make sure I get the X ticker when all is said and done.” I wouldn’t be the least bit surprised if that is what’s actually happening.
August 15, 20231 yr 12 minutes ago, LlamaLawyer said: The funny thing is how plausible this is. “Oh, Cliffs buying USS? Lemme see how I can sweeten the deal and make sure I get the X ticker when all is said and done.” I wouldn’t be the least bit surprised if that is what’s actually happening. Hey, if he wants to throw in some extra business dealings with Cliffs for the ticker then by all means.
August 15, 20231 yr 43 minutes ago, JB said: Hey, if he wants to throw in some extra business dealings with Cliffs for the ticker then by all means. The deal should be that Elon get's the X-ticker if he brings The Boring Company here and completes our downtown subway tunnels that were abandoned. Thus the Downtown Loop can be finished along with cross connections within The Loop as well, all underground 😀 The subway would obviously be connected into the bottom of the Cleveland Cliffs massive new world class skyscraper 🙂 If Cliffs can acquire USS, as it is looking more likely each day, that could end up being massive in many ways for this city! Who knows, guys like Elon and other big name players in the country and, around the world even, might be motivated to come/bring business to CLE in partnership. We shall see, It's exciting! Edited August 15, 20231 yr by NR
August 15, 20231 yr 1 hour ago, NR said: The deal should be that Elon get's the X-ticker if he brings The Boring Company here and completes our downtown subway tunnels that were abandoned. Thus the Downtown Loop can be finished along with cross connections within The Loop as well, all underground 😀 The subway would obviously be connected into the bottom of the Cleveland Cliffs massive new world class skyscraper 🙂 If Cliffs can acquire USS, as it is looking more likely each day, that could end up being massive in many ways for this city! Who knows, guys like Elon and other big name players in the country and, around the world even, might be motivated to come/bring business to CLE in partnership. We shall see, It's exciting! Yeah bring that company along with a Tesla factory in city limits too while we are at it lol.
August 16, 20231 yr Author Would Cliffs + USS = a new tower? By Ken Prendergast / August 15, 2023 Three years ago, when Cleveland-Cliffs made some big moves, NEOtrans asked the question. Three years later, we’re asking it again. If Cliffs is able to acquire rival United States Steel (USS), as recently proposed, what impact might this have on the combined company’s headquarters situation? READ MORE https://neo-trans.blog/2023/08/15/would-cliffsuss-a-new-tower/ "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 16, 20231 yr Would Cliffs + USS = a new tower? By Ken Prendergast / August 15, 2023 Three years ago, when Cleveland-Cliffs made some big moves, NEOtrans asked the question. Three years later, we’re asking it again. If Cliffs is able to acquire rival United States Steel (USS), as recently proposed, what impact might this have on the combined company’s headquarters situation? READ MORE https://neo-trans.blog/2023/08/15/would-cliffsuss-a-new-tower/How much office space would be available in the flats after EY leaves? I would assume a substantial amount of that building is empty, but maybe I’m wrong. If they do acquire them and they want to build a new office building two locations are emerging at the perfect time. One is obviously Dan Gilbert’s Riverfront project, the other is Circle square. Located right by the opportunity corridor and highway, combined with the location of various top notch attractions and college (CWRU) and the office component potentially being the next phase, I think this location would be a dark horse. Sent from my iPhone using Tapatalk
August 16, 20231 yr 9 hours ago, MyPhoneDead said: How much office space would be available in the flats after EY leaves? I would assume a substantial amount of that building is empty, but maybe I’m wrong. If they do acquire them and they want to build a new office building two locations are emerging at the perfect time. One is obviously Dan Gilbert’s Riverfront project, the other is Circle square. Located right by the opportunity corridor and highway, combined with the location of various top notch attractions and college (CWRU) and the office component potentially being the next phase, I think this location would be a dark horse. Sent from my iPhone using Tapatalk My guess is they stay downtown since its nice and close to the mill.
August 16, 20231 yr Author Ernst & Young was very tight (93% full) when E&Y announced its move. It originally had 150k sf there but gave back 26k sf which was quickly snapped up by Dollar Bank. Its current listing shows 106k out of 480k sf is available, or 78% full. https://www.cbre.com/properties/properties-for-lease/office/details/US-SMPL-3522/ernst-young-tower-950-main-avenue-cleveland-oh-44113 "In the souls of the people the grapes of wrath are filling and growing heavy, growing heavy for the vintage." -- John Steinbeck
August 16, 20231 yr 10 hours ago, MyPhoneDead said: How much office space would be available in the flats after EY leaves? I would assume a substantial amount of that building is empty, but maybe I’m wrong. If they do acquire them and they want to build a new office building two locations are emerging at the perfect time. One is obviously Dan Gilbert’s Riverfront project, the other is Circle square. Located right by the opportunity corridor and highway, combined with the location of various top notch attractions and college (CWRU) and the office component potentially being the next phase, I think this location would be a dark horse. Sent from my iPhone using Tapatalk I would think the nuCLEus site would be another possibility. (or the area North of the SHW parking garage, or the parking lot across from Mallorca) Also, shall we begin to speculate the height of a new tower (with and without a merger)?
August 16, 20231 yr It just seems to me, given all the facts presented by Ken in his article, that the most logical result if there is a merger is that they will stay in 200 Public Square.
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