Union leader say Cleveland-Cliffs is the best strategic buyer of U.S. Steel

By Bianca Flowers

CHICAGO, Aug 14 (Reuters) - The United Steelworkers (USW) international president said on Monday that the union supports North American steel producer Cleveland-Cliffs' bid to acquire rival, United States Steel Corp. (X.N), adding that the company is the best strategic buyer.

Cleveland-Cliffs announced on Sunday that it offered to buy U.S. Steel in a cash-and-stock deal valued at $35 per share, which represented a premium of 43% premium to U.S. Steel's last closing price.

Cliffs went public with its offer after U.S. Steel rejected the bid as being "unreasonable" and instead announced a formal review process, saying the company received multiple bids for parts or all of its business. (Reporting by Bianca Flowers in Chicago)