Market Segment
August 16, 2023
ArcelorMittal May Be in Mix to Buy U.S. Steel: Report
Written by Ethan Bernard
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.
