- Canada’s biggest steelmaker, Stelco Holdings Inc. (TSX:STLC) is reportedly pursuing a bid to purchase United States Steel Corp. (NYSE:X)
- Bloomberg News reported that Stelco wants to purchase the entire company and boost its share of the market for supplying metal to the automotive sector
- Reuters reported that U.S. Steel is locked in a dispute with rival steelmaker Cleveland-Cliffs (NYSE:CLF) over a confidentiality pact that would allow Cleveland-Cliffs to participate in a sale process that is underway
- Stelco Holdings Inc. last traded at C$37.15 per share
Canada’s biggest steelmaker, Stelco Holdings Inc. (TSX:STLC) is reortedly pursuing a bid to purchase United States Steel Corp. (NYSE:X).
Bloomberg News reported that Stelco wants to purchase the entire company and boost its share of the market for supplying metal to the automotive sector.
As it looks to increase its portfolio of steelmaking assets, Stelco is in talks with a potential partner on its bid.
Reuters reported that U.S. Steel is locked in a dispute with rival steelmaker Cleveland-Cliffs (NYSE:CLF) over a confidentiality pact that would allow Cleveland-Cliffs to participate in a sale process that is underway. Cleveland-Cliffs also refused to sign a standstill agreement.
Stelco Holdings Inc. is engaged in the production and sale of steel products. The company produces flat-rolled value-added steels, including coated, cold-rolled, and hot-rolled steel products, as well as pig iron and metallurgical coke. It also provides gauge, crown, and shape control, as well as uniform through-coil mechanical properties.
Stelco Holdings Inc. last traded at C$37.15 per share. STLC stock is up 3.2 per cent this week.
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