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Canadian Stelco may bid for US Steel acquisition

23 сен 2023 17:22 reported by Judy Lin

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According to a report, Canadian steelmaker Stelco Holdings Inc. is reportedly to become a potential bidder for US Steel. Stelco used to be a subsidiary of US Steel from 2007 to 2016. Although it has not offered a formal bid yet, it has already held a conservation with the potential partner.

US Steel reported to have received the bid for a possible acquisition. The best potential bidder was Cleveland-Cliffs, which has support from the United Steelworkers union.

Esmark Inc. from Pennsylvania also offered a bid in August, but it withdrew it later. Besides, ArcelorMittal was reported to consider offering a bid in late August.

Stelco has also reported that it is looking to acquire all of US Steel’s assets to add more to its portfolio and increase its market share in the automotive industry.

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