U.S. Steel received multiple bids in excess of $40 a share, sources say
Publishing timestamp: 2023-12-13 11:04:03
Summary
U.S. Steel has received multiple bids in excess of $40 per share, with Cleveland-Cliffs' bid being above $40 per share in a mixture of cash and stock. This is higher than Cleveland-Cliffs' original offer of $35 per share. U.S. Steel has attracted five bidders, including ArcelorMittal. The sale process is coming to a conclusion, but there may not be an announcement of the outcome yet. If Cleveland-Cliffs prevails, its combination with U.S. Steel would make it the 10th-largest steel producer worldwide. The details of ArcelorMittal's bid are less clear.
Sentiment: POSITIVE
Keywords: cleveland-cliffs inc, arcelormittal sa, markets, us steel drn, business news, breaking news: markets, david faber,