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US Steel (NYSE:X) +1.4% post-market Thursday after Bloomberg reported Canadian steelmaker Stelco (OTCPK:STZHF) is pursuing a bid for the company, adding to a growing list of suitors for the iconic American company.
Stelco (OTCPK:STZHF) wants 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, which also said it is in talks with a potential partner on its bid.
Stelco (OTCPK:STZHF) is the successor to US Steel’s (X) assets in Canada, which CEO Alan Kestenbaum acquired out of bankruptcy in 2017.
Cleveland-Cliffs (CLF) made a $7.25B cash-and-stock offer for US Steel (X) last month; the United Steelworkers union, which has the right to bid for US Steel, have said they will give that right exclusively to Cleveland-Cliffs.