ArcelorMittal weighs possible bid for US Steel
Cleveland-Cliffs Inc and Esmark Inc have made offers of more than $7 billion
ArcelorMittal is holding discussions with investment bankers on bidding for US Steel. (REUTERS/David W Cerny/File Photo)
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.