United Steelworkers union clashes with U.S. Steel over takeover bid

U.S. Steel (X) is facing off with the United Steelworkers union as the company mulls takeover bids. Cleveland-Cliffs originally made a bid to takeover U.S. Steel which was rejected, prompting U.S. Steel to take other offers. The union has asserted that they have veto power over any potential acquisition, a claim that U.S. Steel refutes. Axios Markets Reporter Emily Peck explains that "the steelworkers have a provision in their contract which gives them the right to bid," but that they've transferred that right to the only company they want to buy U.S. Steel, Cleveland-Cliffs (CLF).