FILE – A water tower at United States Steel Corp.’s Edgar Thomson Plant in Braddock, Pa., is seen, Thursday, May 7, 2020. On Sunday, Aug. 13, 2023, U.S. Steel said that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. (AP Photo/Gene J. Puskar, File)

NEW YORK (AP) — United States Steel Corp. said Sunday that it rejected a $7.3 billion buyout proposal from rival Cleveland Cliffs and was reviewing “strategic alternatives” after receiving several unsolicited offers. Pittsburgh-based U.S. Steel said it rejected the offer because Cleveland-Cliffs was pushing it to accept the terms without being allowed to conduct proper due diligence. Cleveland-Cliffs announced earlier Sunday that it had made an offer valuing the U.S. Steel at $7.3 billion, based on $17.50 a share in cash and 1.023 shares of Cliffs stock. Cleveland-Cliffs said the value of the offer was $35 a share, a premium over U.S. Steel’s closing stock price of $22.72 on Friday.