Phynart Studio
US Steel (NYSE:X) rose 1% amid a report that five parties are expected to make offers for the steelmaker.
Final bids are due Friday, CNBC’s David Faber said, citing people familiar. Cleveland-Cliffs (NYSE:CLF) and ArcelorMittal (NYSE:MT) are expected to make bids for the entire company.
CNBC’s Faber reiterated his previous reporting that Techint, an Argentinian company with a U.S. subsidiary called Ternium, may also make a bid, though likely with a partner.
The US Steel (X) sale process is expected to continue through next week, according to Faber. It may take a couple more weeks to get a deal signed and the parties likely want to get it done prior to the holidays, Faber speculated.
Faber previously reported that other bidders may include Nucor (NUE), which may be only interested in one asset, though it could partner with Stelco (OTCPK:STZHF) or others. Steel Dynamics (STLD) may also be potentially in the process.
In August, US Steel (X) said it entered into confidentiality agreements with “numerous” third parties. US Steel (X) started a formal review process after rejecting the Cliffs (CLF) bid. US Steel (X) rejected a $7.3 billion cash and stock bid from Cliffs (CLF) in August.
