Canada’s Stelco Holdings is said to weigh bid for U.S. Steel – Bloomberg News
5:57 pm Thursday, September 21st, 2023
(Reuters) – Canada’s biggest steelmaker Stelco Holdings is pursuing a bid for U.S. Steel Corp, adding to a growing list of suitors for the iconic American company, Bloomberg News reported on Thursday, citing people familiar with the matter.
U.S. Steel’s shares were up 1.5% at $31.69 after the bell.
Stelco is seeking to purchase the entire company as it looks to increase its portfolio of steelmaking assets and boost its share of the market for supplying metal to the automotive sector, according to the report.
The Canadian company is in talks with a potential partner on its bid, Bloomberg News reported.
U.S. Steel declined to comment, while Stelco did not immediately respond to a Reuters’ requests for comment.
U.S. Steel is locked in a spat with rival steelmaker Cleveland-Cliffs over a confidentiality pact that would allow the latter to participate in a sale process that is underway, Reuters reported on Wednesday.
(Reporting by Pritam Biswas in Bengaluru; Editing by Shounak Dasgupta)
