Two giant steel mills sit less than 10 miles apart on the shores of Lake Michigan, the blast furnaces inside reaching temperatures of up to 3,000 degrees to smelt glowing iron ore.
A deal proposed this week would put them under common ownership and holds the potential to create an American steel champion in an era of Chinese dominance — or attract scrutiny from US competition regulators.
Cleveland-Cliffs, which owns the mill at Indiana Harbor, has offered to buy United States Steel, which operates its largest works nearby in Gary, Indiana. Its $10bn cash-and-stock offer, including assumed debt, was matched a day later by an all-cash offer from smaller rival Esmark.
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