Cliffs, wanting to acquire U.S. Steel in a $7.1 billion cash+stock deal, has declined to sign a six-month standstill deal that would prevent it from contesting U.S. Steel's board of directors (because directors want to keep its options open as it pursues with Cliffs), the report said.

According to the Reuters report, Cliffs does not necessarily require access to U.S. Steel's financial records to progress with its bid; however, it has been attempting to negotiate a confidentiality agreement to participate in the sales process, added the report.

U.S. Steel has told Cliffs that all bidders are being granted access to its sale process on the same terms, the report mentioned.

Price Action: X shares are trading lower by 0.70% in the premarket to $31.20 on the last check Thursday, while CLF is trading lower by 1.66% to $14.19.

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