U.S. Steel considering sale after receiving multiple acquisition offers

PITTSBURGH (KDKA) -- U.S. Steel is considering a sale after receiving multiple acquisition officers.

The consideration of a sale comes after rejecting an unsolicited offer from rival Cleveland-Cliffs.

U.S. Steel is currently undergoing a formal review process after 'receiving multiple unsolicited proposals' for both specific assets and the entire firm.

There is currently no set timeline or end date for the review process.

The 122-year-old icon of the steel mill sector has endured several challenges over the past few years including layoffs, mill closures, and an increase in competition from foreign rivals.