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Home»Business»ArcelorMittal weighs possible bid for US Steel
Business

ArcelorMittal weighs possible bid for US Steel

August 16, 2023No Comments2 Mins Read
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The ArcelorMittal metals plant in Dunkirk

A logo is seen at the ArcelorMittal metals plant in Dunkirk as part of a media tour dedicated to the reduction of carbon intensity of the industry in France, January 16, 2023. REUTERS/Benoit Tessier/File Photo Acquire Licensing Rights

Aug 16 (Reuters) – ArcelorMittal SA (MT.LU), the world’s second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N), three people familiar with the matter said on Wednesday.

ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that it will press ahead with it, the sources said.

If it does launch a bid, it could mark the escalation of a bidding war that is already underway for U.S. Steel, following offers from Cleveland-Cliffs Inc (CLF.N) and Esmark Inc for more than $7 billion.

The sources requested anonymity because the deliberations are confidential. Representatives for ArcelorMittal and U.S. Steel did not immediately respond to requests for comment.

U.S. Steel shares rose 5.2% to $31.81 in New York on Wednesday afternoon. That compares to bids from Cleveland-Cliffs and Esmark that were both worth $35 per share when submitted. Esmark’s offer is all cash, while Cleveland-Cliffs would pay for the deal half with cash and half with its own stock.

ArcelorMittal’s deliberations come after U.S. Steel said on Sunday it had launched a process to explore interest from potential acquirers. The United Steelworkers union supports Cleveland-Cliffs’ bid, however U.S. Steel has rebuffed it as “unreasonable”.

U.S. Steel became an acquisition target following several quarters of falling revenue and declining profits, as it struggled with high raw material and energy costs.

See also  Major Asset Manager Is Investing US Cash Into China’s Military-Industrial Complex: REPORT

ArcelorMittal, like its peers, has also been grappling with a slowdown in demand, as global economic growth slows. Last month it reported a second-quarter profit of $2.6 billion, half that of a year ago.

ArcelorMittal has said that global steel demand excluding China is expected to grow 1-2% this year, down from a previously forecast range of 2-3%, due to higher U.S. interest rates and weak construction activity in Europe.

Reporting by Greg Roumeliotis in New York and Emma- Victoria Farr in Frankfurt; Editing by Kirsten Donovan

: .

Acquire Licensing Rights, opens new tab

Emma-Victoria reports on mergers and acquisitions across Europe, with previous experience at Mergermarket, Bloomberg, The Daily Telegraph and Deutsche Presse Agentur.

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