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Canadian Stelco announces that it may bid to acquire US Steel

Canadian steelmaker Stelco Holdings Inc. is reported to be a potential bidder for US Steel.

Canadian Stelco announces that it may bid to acquire US Steel

Stelco was a subsidiary of US Steel from 2007 to 2016. Although it has not yet submitted a formal offer, it has held a meeting with the potential partner.

US Steel has reportedly received offers for a possible acquisition. The best potential bidder was Cleveland-Cliffs, which has the support of the United Steelworkers union.

Esmark Inc. of Pennsylvania also submitted an offer in August, but later withdrew it. ArcelorMittal was also reportedly considering making an offer at the end of August.

Stelco also reported that it wanted to acquire all of US Steel's assets to add more to its portfolio and increase its market share in the automotive sector.


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