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Canada's Stelco weighing bid for US Steel – Bloomberg

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Canada's Stelco weighing bid for US Steel – Bloomberg

Shares of US Steel (NYSE:X) rose 1.4% after-hours on Thursday following reports from Bloomberg that Canadian steelmaker Stelco (OTCPK:STZHF) is exploring the possibility of acquiring the iconic American company. Stelco aims to expand its portfolio of steelmaking assets and increase its market share in supplying metal to the automotive sector. As part of its bid, Stelco is also in talks with a potential partner.

Stelco, which acquired US Steel’s (X) assets in Canada when it emerged from bankruptcy in 2017, is now looking to purchase the entire company. This decision comes in the wake of Cleveland-Cliffs (CLF) making a $7.25 billion cash-and-stock offer for US Steel (X) last month. The United Steelworkers union, which holds the right to bid for US Steel, has announced that it will exclusively grant that right to Cleveland-Cliffs.