🧵 1.📢 US Steel explores options after receiving unsolicited bids for part or all of its business. Strategic review initiated to evaluate alternatives. #business
🧵 1.📢 US Steel explores options after receiving unsolicited bids for part or all of its business. Strategic review initiated to evaluate alternatives. #business
🧵 2. Barclays Capital and Goldman Sachs to advise US Steel, while Milbank and Wachtell, Lipton, Rosen & Katz are legal advisors for the steel producer.
🧵 3. Rival Cleveland-Cliffs proposed buying US Steel in June but was rejected by the board as "unreasonable." Offer included cash and Cliffs stock.
🧵 4. US Steel raises prices to offset higher raw material and energy costs, reporting strong demand for its steel products and beating Q2 profit estimates.
🧵 5. US Steel plans to repurchase $75 million in common stock in Q2 as part of its $500 million stock buyback authorization.
🧵 Read more at: https://www.cnbc.com/2023/08/13/us-steel-to-explore-strategic-alternatives-for-the-company.html