US Steel is seeking financial advice from Barclays and Goldman Sachs to explore stragetic alternatives for the 122-year-old Pittsburgh-based company. This development follows an unsolicited acquisition bid by one of US Steel's major competitors, Cleveland-Cliffs (see related story).

"[Our] board and management team are committed to maximising value for our stockholders, and to that end, we have commenced a comprehensive and thorough review of strategic alternatives," says US Steel's president and ceo, David Burritt.

US Steel has sought advice from the legal firms Milbank and Wachtell, Lipton, Rosen & Katz to help evaluate its alternative options. The steelmaker indicates that these firms will remain as the company's legal advisers in any future negotiations or decisions.

"US Steel has been on a strategic journey executing a compelling transformation, building out best-in-class [electric arc furnace] steelmaking and finishing capabilities, while reducing our carbon footprint... The interest demonstrated by the unsolicited proposals received to date is a validation of US Steel’s strategy and successful track record of execution," Burritt explains.