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Home»Finance»U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs
Finance

U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs

August 14, 2023No Comments2 Mins Read
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U.S. Steel shares jump after unsolicited bid from Cleveland-Cliffs
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(Reuters) – Shares of U.S. Steel jumped 29% in premarket trading on Monday, after the more-than-a-century old steelmaker rejected a $7.3 bln buyout offer from Cleveland-Cliffs and said it would review its options following “multiple unsolicited proposals”.

Cleveland-Cliffs, the largest flat-rolled steel producer in North America, said on Sunday it offered to buy U.S. Steel in a cash-and-stock deal valued at $35 per share, which represented a premium of 43% premium to U.S. Steel’s last closing price.

Despite the surge, shares of U.S. Steel were trading well below the offer price at $27.92, indicating some investors believe a deal may not happen at that price. Cleveland-Cliffs shares were down 6.1%.

A combination between the two firms will create the largest steel producer in North America and the 10th largest steel producer in the world and will be a dominant supplier to the transportation sector, KeyBanc Capital Markets analyst Philip Gibbs said in a note.

“We view the probability of this deal getting done without meaningful concessions as low,” Gibbs added.

After surging for last two years due to a mismatch in demand and supply, steel prices have cooled so far in 2023, increasing margin pressure on companies grappling with high labor costs.

NYMEX U.S. Midwest Hot-rolled steel futures have fallen about 9% so far this year, but remain above pre-pandemic levels.

Cleveland-Cliffs has been betting on acquisitions to bolster growth and take on competition from China – it bought AK Steel and the U.S. business of ArcelorMittal in 2020.

The company went public with its offer after U.S. Steel rejected the bid as being “unreasonable” and instead announced a formal review process and said it received multiple bids for parts or all of its business.

See also  Carli Lloyd Admits U.S. Women's National Team Lost to 'Bigger, Stronger, Faster' 15-Year-Old Boys

U.S. Steel said it has invited Cleveland-Cliffs to be a part of the review process.

(Reporting by Priyamvada C in Bengaluru, additional reporting by Reshma George and Arpan Daniel Varghese in Bengaluru; Editing by Saumyadeb Chakrabarty)

bid ClevelandCliffs jump shares Steel U.S Unsolicited
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