Market Segment

ArcelorMittal May Be in Mix to Buy U.S. Steel: Report

Written by Ethan Bernard

August 16, 2023

ArcelorMittal is considering throwing its hat into the ring as a potential suitor for U.S. Steel, according to an article in Reuters on Wednesday.

Reuters reported three people familiar with the matter said the Luxembourg-based steelmaker is discussing a possible offer with its investment bankers, though no certainty exists they will press ahead.

A bid from ArcelorMittal would mark the third known offer after one from Cleveland-Cliffs on Sunday—which U.S. Steel rejected—and another from Esmark on Monday.

The article said the sources requested anonymity because the deliberations remain confidential.

When asked for comment, a spokesperson from U.S. Steel referred SMU to a statement released on Sunday: “U. S. Steel does not intend to make any further public comment regarding the review of strategic alternatives until it has been completed or the Company determines that a disclosure is required by law or otherwise deemed appropriate.”

A spokesperson from ArcelorMittal did not return a request for comment by time of publication.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Read more from Ethan Bernard

Latest in Market Segment