Phynart Studio
American steel (New York Stock Exchange:X) rose 1% amid a report that five parties are expected to make bids for the steelmaker.
Final offers are due Friday, CNBC’s David Faber said, citing people familiar with the matter. Cleveland-Cliffs (New York Stock Exchange:CLF) and ArcelorMittal (New York Stock Exchange: MT) It is expected that make offers for the entire company.
CNBC’s Faber reiterated his previous report that Techint, an Argentine company with a U.S. subsidiary called Ternium, could also make a bid, although likely with a partner.
The US Steel (X) sale process is expected to continue into next week, according to Faber. A deal may take a couple more weeks to sign and the parties will likely want to close it before the holidays, Faber speculated.
Faber previously reported that other bidders could include Nucor (NUE), which could be interested in just one asset, although it could partner with Stelco (OTCPK:STZHF) or others. Steel Dynamics (STLD) may also potentially be in the pipeline.
In August, US Steel (X) said it had signed confidentiality agreements with “numerous” third parties. US Steel (X) began a formal review process after rejecting Cliffs’ (CLF) offer. US Steel (X) rejected a $7.3 billion cash and stock offer from Cliffs (CLF) in August.
