Why Cleveland-Cliffs made its $7B+ bid for U.S. Steel

On paper, Cleveland-Cliffs Inc. and United States Steel Corp. look similar: Both are steel producers, one headquartered in Ohio, the other in Pittsburgh. One bills itself as the largest flat-rolled steel company on the continent; the other is a big player in the steel industry since the days of Andrew Carnegie that's in the midst of transforming itself into a much greener powerhouse. Both rode out the downturn in the steel industry in the mid-2010s, and both have emerged to a revival of domestic manufacturing and domestic steelmaking.