Why U.S. Steel Shares Are Rising Today
Portfolio Pulse from Nabaparna Bhattacharya
Shares of United States Steel Corporation (NYSE:X) are rising after receiving multiple bids over $40 a share. The board is meeting to discuss the offers, with no guarantee of an announcement following the meeting. The sale process began after a rejected $7.3 billion bid from Cleveland-Cliffs Inc (NYSE:CLF). Arcelor Mittal (NYSE:MT) is also a bidder, with a potential all-cash offer of $45 per share. X shares are up 4.81% to $38.14.
December 13, 2023 | 5:19 pm
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NEUTRAL IMPACT
Cleveland-Cliffs Inc made an increased bid for U.S. Steel, now offering above $40 per share, up from the initial $35 per share.
While the news shows Cleveland-Cliffs' aggressive pursuit, the short-term impact on its stock is uncertain as the outcome of the bid is still pending.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 70
NEUTRAL IMPACT
Arcelor Mittal is in the running to acquire U.S. Steel, with reports suggesting a possible all-cash offer of $45 per share.
Arcelor Mittal's potential bid for U.S. Steel is significant, but the short-term impact on MT's stock is neutral until more details are confirmed.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 70
POSITIVE IMPACT
U.S. Steel's stock is rising due to multiple acquisition bids exceeding $40 per share, with the board currently reviewing the offers.
The stock is directly impacted by the news of acquisition bids, which typically drives up the share price due to anticipated premium on the sale.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100