Forget The Bear or Slow Horses—for those of us in the B2B brand world, corporate acquisitions and restructurings are the dramas we follow most closely. The plots are complex, the stakes—financial and professional—are immense and the rise and fall of iconic global brands evoke consternation, nostalgia and cautious optimism. Who says non-fiction can’t stir the soul?

When major deals are struck, the real work of the characters involved begins: harmonizing corporate cultures, expanding brand portfolios, redefining value propositions and ensuring continuity in customer care. And no saga this past year has been as riveting as the battle for the future of U.S. Steel.

Act One: The opening salvo

The curtain rises in August 2023, with Lourenco C. Goncalves, the accomplished CEO of Cleveland-Cliffs, making a bold offer to acquire U.S. Steel. In response, U.S. Steel CEO David Burritt, fulfilling his fiduciary duty to shareholders, initiates an auction. Nippon Steel emerges as the apparent winner, but the deal faces intense backlash from the Steelworkers Union. Even Presidents Biden and Trump enter the fray, citing national security concerns.

By January, the Committee on Foreign Investment in the United States (CFIUS) delivers the fatal blow to Nippon Steel’s bid. Mr. Burritt protests loudly, but with newly elected President Trump’s opposition, the deal appears to be on life support.

Act Two: A legacy reclaimed

With Nippon sidelined, Cleveland-Cliffs returns to the stage with a modified script, proposing a merger under the storied U.S. Steel name. The brand implications are significant: U.S. Steel’s legacy is a national treasure, but this transformation requires more than a cosmetic overhaul. Changing logos, email domains, and signage alone won’t fully leverage the acquisition’s potential or communicate its value proposition to employees, customers, and shareholders.

The stakes are high. If Cleveland-Cliffs acquires U.S. Steel, the brand strategy must honor U.S. Steel’s rich legacy while amplifying Cleveland-Cliffs’ operational strengths. Day one of the combined company marks the start of a bold new chapter—one that requires a robust strategic approach.

Act Three: Lessons from the past

This won’t be U.S. Steel’s first transformation. Decades before Elon Musk embraced the name “X,” U.S. Steel rebranded itself as USX following its acquisition of Marathon Oil and diversification into the energy sector. While that business strategy ultimately fell short of expectations, the bold identity shift positioned USX as the most forward-thinking steel industry player of its time. Full disclosure–my firm, Siegel+Gale developed the name, strategy and identity for USX. It was an incredibly well-received transformation.

Today, Cleveland-Cliffs’ bid for U.S. Steel represents a similarly pivotal moment—one that demands a comprehensive brand and strategic overhaul to position the new entity as a dominant force in American steel production.

Fill out the form to learn about what a strategic approach and playbook should include:

The Finale: Forging a unified future

By adopting U.S. Steel as the corporate brand, Cleveland-Cliffs will both honor and capitalize on the legacy of an American icon while ensuring its own strengths shine. The combined company can credibly position itself as the undisputed leader in North American steel production—pioneering innovation, sustainability and industrial strength.

To be continued…

 

Howard Belk is CEO of global brand strategy and design firm Siegel+Gale. Since 1969, Siegel+Gale has championed simplicity for leading corporations, nonprofits and government organizations worldwide.