US Steel to explore strategic options after receiving unsolicited bids

MG News | August 14, 2023 at 12:41 AM GMT+05:00

0:00

August 14, 2023 (MLN): United States Steel said on Sunday it is initiating a formal review to evaluate strategic alternatives for the steel producer after receiving multiple unsolicited bids for part or all of its business, as Reuters reported.

The review was begun after the steel producer received "multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company," CEO David Burritt said in a statement, without disclosing details about the strategic alternatives.

Barclays Capital and Goldman Sachs are serving as financial advisors to U.S. Steel, while Milbank LLP and Wachtell, Lipton, Rosen & Katz are acting as legal advisors, the steel producer said.

U.S. Steel, which has been raising prices to offset the impact of higher costs related to raw materials and energy, has seen strong demand for its steel products, helping the company beat profit estimates for the second quarter.

U.S. Steel also expects to complete about $75 million of repurchases of common stock in the second quarter under its existing $500m stock buyback authorization.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	171,115.82 431.76M	-1.03% -1778.46
ALLSHR	102,630.82 1,022.40M	-0.72% -743.98
KSE30	51,478.54 123.81M	-1.23% -641.56
KMI30	245,731.79 184.52M	-1.22% -3035.83
KMIALLSHR	66,650.32 595.11M	-0.81% -541.20
BKTi	47,279.59 41.00M	-1.38% -660.98
OGTi	35,704.94 10.73M	-1.65% -598.06

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	80,390.00	80,730.00 79,370.00	45.00 0.06%
BRENT CRUDE	100.25	102.92 99.55	0.19 0.19%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-3.30 -2.91%
ROTTERDAM COAL MONTHLY	107.10	107.75 106.20	2.10 2.00%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	94.68	98.64 93.82	-0.13 -0.14%
SUGAR #11 WORLD	14.69	14.75 14.46	0.15 1.03%