One of the US economy’s most revered manufacturing names could soon be absorbed by the industry.
US Steel (X) this week revealed the company is evaluating “strategic alternatives” after receiving “multiple unsolicited offers,” including a $7.3 billion bid from peer Cleveland-Cliffs (CLF), which it rejected.
US Steel also received a bid from privately-held Esmark worth $7.8 billion with European giant ArcelorMittal (MT) is also reportedly interested in the company, a deal which would mark a re-entry to the US market after ArcelorMittal sold its US assets to Cleveland-Cliffs in 2020.
Following Cleveland-Cliffs’ offer, US Steel stock rose more than 35% bringing its year-to-date gains to just shy of 25%. Cleveland-Cliffs shares are down about 7% this year, in-line with the drop seen in US Steel shares prior to its bid for the company.
The bids also come with steel prices more than 50% off…
