{"id":349312,"date":"2023-08-15T09:33:14","date_gmt":"2023-08-15T04:33:14","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=349312"},"modified":"2023-08-15T09:33:14","modified_gmt":"2023-08-15T04:33:14","slug":"us-steel-shares-jump-after-unsolicited-bid-from-cleveland-cliffs","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/us-steel-shares-jump-after-unsolicited-bid-from-cleveland-cliffs\/","title":{"rendered":"US Steel shares jump after unsolicited bid from Cleveland-Cliffs"},"content":{"rendered":"<p> Washington DC<br \/>\nShares of U.S. Steel (X.N) jumped about 27% in early trading on Monday, after the steelmaker rejected a $7.3 bln buyout offer from Cleveland-Cliffs (CLF.N) but said it would review its options following \u201cmultiple unsolicited proposals\u201d from other unnamed bidders.<br \/>\nEven though U.S. Steel has so far rejected entreaties from Cleveland-Cliffs, shares surged on Monday, reflecting expectations that the Pittsburgh-based steel company could be acquired after several consecutive quarters of falling revenue and profit owing to high raw material and energy costs.<br \/>\nThe U.S. Steel stock traded at $28.80 in early Monday action, lower than the offer from Cleveland-Cliffs, the largest flat-rolled steel producer in North America, as the investors doubt a deal may not happen at that price.<br \/>\nThe company on Sunday offered to buy U.S. Steel in a cash-and-stock deal valued at $35 per share, or a 43% premium to U.S. Steel\u2019s last closing price.<br \/>\nShares of Cleveland-Cliffs rose about 2% in early trading.<br \/>\nU.S. Steel, however, said it has invited Cleveland-Cliffs to be a part of the review process.<br \/>\n\u201cCLF appears like the only logical acquirer for 100% of US Steel,\u201d said Citi analyst Alex Hacking, adding that the company is worth more to Cleveland-Cliffs than anyone else.<br \/>\nIf the two firms were to combine, it would be the largest steel producer in North America, the 10th-largest producer in the world, and a dominant supplier to the transportation sector, KeyBanc Capital Markets analyst Philip Gibbs said in a note.<br \/>\n\u201cWe view the probability of this deal getting done without meaningful concessions as low,\u201d Gibbs added.<br \/>\nDespite concerns around antitrust regulations, analysts at B. Riley believe that Cleveland-Cliffs is \u201cwell positioned\u201d to offer the most compelling economics.<br \/>\nCleveland-Cliffs has been betting on acquisitions to bolster growth and take on competition from China &#8211; it bought AK Steel and the U.S. business of ArcelorMittal in 2020.<br \/>\nThe company went public with its offer after U.S. Steel rejected the bid as being \u201cunreasonable\u201d and instead announced a formal review process and said it received multiple bids for parts or all of its business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Washington DC Shares of U.S. Steel (X.N) jumped about 27% in early trading on Monday, after the steelmaker rejected a $7.3 bln buyout offer from Cleveland-Cliffs (CLF.N) but said it would review its options following \u201cmultiple unsolicited proposals\u201d from other unnamed bidders. Even though U.S. Steel has so far rejected entreaties from Cleveland-Cliffs, shares surged [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-349312","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Steel shares jump after unsolicited bid from Cleveland-Cliffs<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/us-steel-shares-jump-after-unsolicited-bid-from-cleveland-cliffs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Steel shares jump after unsolicited bid from Cleveland-Cliffs\" \/>\n<meta property=\"og:description\" content=\"Washington DC Shares of U.S. Steel (X.N) jumped about 27% in early trading on Monday, after the steelmaker rejected a $7.3 bln buyout offer from Cleveland-Cliffs (CLF.N) but said it would review its options following \u201cmultiple unsolicited proposals\u201d from other unnamed bidders. 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