Dec 18 (Reuters) - Japan's Nippon Steel's $14.9-billion acquisition of U.S. Steel, finalized at auction on Monday, is the culmination of multiple bids by a range of suitors for the 122-year-old company, once the largest corporation in the world. Several quarters of falling revenue and profit made the Pittsburgh-based firm, which was also the first company ever to be valued at more than $1 billion, an attractive takeover target for rivals looking to add a maker of steel used by the automobile industry. Here's a timeline of recent events leading up to the deal between Japan's largest steelmaker and the company whose steel was used to build iconic structures such as the United Nations building in New York City and the New Orleans Superdome. DATE (all DEVELOPMENT 2023) Aug. 13 U.S. Steel announces its intention to explore strategic alternatives after receiving multiple unsolicited proposals, ranging from the acquisition of certain production assets to consideration for the entire company Aug. 13 U.S. Steel rejects a $7.3-billion offer from Cleveland-Cliffs, leading to the initiation of a formal review of its strategic options Aug. 14 The United Steelworkers (USW) union supports Cleveland-Cliffs' bid to acquire U.S. Steel, saying the company is the best strategic buyer Aug. 14 Shares of U.S. Steel rise after privately held firm Esmark makes a $7.8-billion all-cash offer for the company Aug. 16 ArcelorMittal, the world's second-largest steelmaker, considers a potential offer for U.S. Steel, Reuters reports Aug. 17 U.S. Senator J.D. Vance asks U.S. Steel to rule out a foreign buyer for the company Aug. 17 U.S. Steel states that its labor agreement with USW does not grant the union the right to veto a potential sale of the company Aug. 22 Cleveland-Cliffs demands U.S. Steel reveal all buyout offers it has received Aug. 23 Esmark withdraws its bid for U.S. Steel, respecting the position of the USW union, which supports Cleveland-Cliffs' offer Aug. 29 U.S. Steel begins the due-diligence process after entering agreements with numerous third parties Sept. 20 U.S. Steel and Cleveland-Cliffs clash over a confidentiality pact Sept. 21 Canada's Stelco Holdings considers a bid for U.S. Steel, Bloomberg news reports Sept. 28 U.S. Steel allows Cleveland-Cliffs to participate in its sale process Oct. 31 Major automakers oppose Cleveland-Cliffs' proposed acquisition of U.S. Steel, citing potential cost increases and a slowdown in electric-vehicle sales Dec. 18 Japan's Nippon Steel announces its plan to buy U.S. Steel in a deal valued at $14.9 billion Sources: Reuters reports, company records (Reporting by Abhinav Parmar and Shivansh Tiwary; Editing by Pooja Desai)
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