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)