US Steel receiving acquisition offers as company promises to maximize stockholder value
The steel producer is under a formal review process after “receiving multiple unsolicited proposals” for both specific assets and the entire firm, the release announced. “U.S. Steel’s Board and management team are committed to maximizing value for our stockholders, and to that end, we have commenced a comprehensive and thorough review of strategic alternatives,” David Burritt, U.S. Steel’s CEO, said in a statement.
Shares of US Steel Corp have dropped more than 24% in the last five years. The company and the rest of the domestic steel industry were supposed to get help from a 25% tariff on steel imports put in place in 2018 by the Trump administration. While it helped temporarily lift prices as domestic steelmakers no longer had to worry about as much competition from low-priced steel from China and other locations, the positive shift was short-lived.
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