ArcelorMittal weighs possible bid for US Steel

Cleveland-Cliffs Inc and Esmark Inc have made offers of more than $7 billion

• Chandrashekar Bhat
• 18 August, 2023

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By: Chandrashekar Bhat

ARCELORMITTAL, the world’s second-largest steelmaker, is considering a potential offer for US Steel Corp, people familiar with the matter have said.

ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that will press ahead with it, the sources said on Wednesday (16).

If it launches a bid, it could mark the escalation of a bidding war that is already underway for US Steel, following offers from Cleveland-Cliffs Inc and Esmark Inc for more than $7 billion.

The sources requested anonymity because the deliberations are confidential.

Representatives for ArcelorMittal and US Steel did not immediately respond to requests for comment.

(Reuters)