{"id":52243,"date":"2023-08-23T22:37:31","date_gmt":"2023-08-24T02:37:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/u-s-steel-stock-drops-one-bidder-dropped-out\/"},"modified":"2023-08-23T22:37:34","modified_gmt":"2023-08-24T02:37:34","slug":"u-s-steel-stock-drops-one-bidder-dropped-out","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52243","title":{"rendered":"U.S. Steel Stock Drops. One Bidder Dropped Out."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

One of the bidders vying for
\n United States Steel
\n has dropped out of the race. Fewer viable bidders means a lower stock price for
\n U.S. Steel,<\/span>
\n for now. <\/p>\n

Wednesday, steel service center Esmark ended its $35 all-cash bid for iconic steel maker U.S. Steel (ticker: X). The decision was influenced by the United Steel Workers\u2019 support for a bid from
\n Cleveland-Cliffs
\n (CLF). <\/p>\n

\n

\u201cThe USW was our partner in the successful acquisition of Wheeling Pittsburgh Steel, and we remain close with them,\u201d said Esmark CEO Jim Bouchard in a news release. \u201d We wish [U.S. Steel] the best during this process, and we will evaluate any opportunities in connection with that process, subject to support from the USW.\u201d <\/p>\n

U.S. Steel announced on Aug. 13 that it was pursuing strategic alternatives after receiving bids for either the entire company or its assets. Cliffs was one of the bidders. It disclosed, also on Aug. 13, a cash and stock bid currently valued at about $33 a share. The original value of the bid, based on Cliffs\u2019 stock price on July 28, was $35 a share. <\/p>\n

Esmark offered $35 in cash on Aug. 14 and Reuters reported on Aug. 16 that
\n ArcelorMittal
\n (MT) was considering a bid. Mittal didn\u2019t respond to a request for comment. The possibility of an
\n ArcelorMittal
\n bid prompted the USW to explicitly support a bid from Cliffs. <\/p>\n

Cliffs appears to be in the driver\u2019s seat, but KeyBanc analyst Philip Gibbs wrote recently that a Cliffs-U. S. Steel tie-up would face antitrust scrutiny. Both companies are big players in iron ore and automotive steel in North America. <\/p>\n

U.S. Steel stock closed down 2.2% Wednesday, at $31.21, while the
\n S&P 500
\n and
\n Dow Jones Industrial Average
\n rose 1.1% and 0.5%, respectively. Cliffs stock rose 0.8%. <\/p>\n

At current prices, U.S. Steel shares are about $1.70 or 5.4% below the value of the Cliffs bid. That spread might be tighter if investors expected more bidders or Cliffs increases its bid. Companies, such as Cliffs, don\u2019t usually start by disclosing their best offer, but investors just aren\u2019t sure how the U.S. Steel M&A drama will play out. <\/p>\n

Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the bidders vying for United States Steel has dropped out of the race. Fewer viable bidders means a lower stock price for U.S. Steel, for now. Wednesday, steel service center Esmark ended its $35 all-cash bid for iconic steel maker U.S. Steel (ticker: X). The decision was influenced by the United Steel Workers\u2019 […]<\/p>\n","protected":false},"author":1,"featured_media":52244,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52243","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nU.S. Steel Stock Drops. One Bidder Dropped Out. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"One of the bidders vying for United States Steel has dropped out of the race. 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