(RTTNews) - Shares of Cleveland-Cliffs Inc. (CLF) are gaining more than 8 percent on Monday morning trade after commenting on the proposed acquisition of U.S. Steel by Nippon Steel.
The U.S. Steel will be bought by Japan's Nippon Steel in a $14.1 billion deal.
Cleveland-Cliffs said, "We identified U.S. Steel as an extremely undervalued company with significant synergy potential when combined with Cleveland-Cliffs, creating a union-friendly American champion among the top 10 steelmakers in the world."
Currently, shares are at $20.30, up 8.56 percent from the previous close of $18.70 on a volume of 13,772,704.
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