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Stelco Holdings reportedly considering bid for U.S. Steel

Jon Brown Jon Brown, The Market Herald
0 Comments| September 22, 2023

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  • Canada’s biggest steelmaker, Stelco Holdings Inc. (TSX:STLC) is reportedly pursuing a bid to purchase United States Steel Corp. (NYSE:X)
  • Bloomberg News reported that Stelco wants to purchase the entire company and boost its share of the market for supplying metal to the automotive sector
  • Reuters reported that U.S. Steel is locked in a dispute with rival steelmaker Cleveland-Cliffs (NYSE:CLF) over a confidentiality pact that would allow Cleveland-Cliffs to participate in a sale process that is underway
  • Stelco Holdings Inc. last traded at C$37.15 per share

Canada’s biggest steelmaker, Stelco Holdings Inc. (TSX:STLC) is reortedly pursuing a bid to purchase United States Steel Corp. (NYSE:X).

Bloomberg News reported that Stelco wants to purchase the entire company and boost its share of the market for supplying metal to the automotive sector.

As it looks to increase its portfolio of steelmaking assets, Stelco is in talks with a potential partner on its bid.

Reuters reported that U.S. Steel is locked in a dispute with rival steelmaker Cleveland-Cliffs (NYSE:CLF) over a confidentiality pact that would allow Cleveland-Cliffs to participate in a sale process that is underway. Cleveland-Cliffs also refused to sign a standstill agreement.

Stelco Holdings Inc. is engaged in the production and sale of steel products. The company produces flat-rolled value-added steels, including coated, cold-rolled, and hot-rolled steel products, as well as pig iron and metallurgical coke. It also provides gauge, crown, and shape control, as well as uniform through-coil mechanical properties.

Stelco Holdings Inc. last traded at C$37.15 per share. STLC stock is up 3.2 per cent this week.

Join the discussion: Find out what everybody’s saying about this stock on the Stelco Holdings Inc. stock forum discussion and check out the rest of Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.


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