ArcelorMittal, the world's second largest steelmaker, is considering submitting an offer to buy US Steel, one of the largest US steel corporations, Reuters reports, citing informed sources.
According to agency sources, ArcelorMittal is already discussing a potential offer with investment bankers.
Earlier Monday, The Wall Street Journal reported that US Steel had rejected a $35/share majority offer from rival Cleveland-Cliffs.
In addition, on Monday, the American industrial holding Esmark announced its desire to purchase all outstanding shares of US Steel at a price of $35 per share.
United Steel Workers (USW), representing the interests of US Steel workers, spoke in support of the Cleveland-Cliffs deal, and its president, Tom Conway, told Reuters that USW would not support other buyers.
The collective agreement with US Steel gives USW the right to negotiate and put forward its demands.
In 2020, ArcelorMittal sold most of its US business to Cleveland-Cliffs for $1.4 billion.
US Steel was up 0.4% in additional trading on Wednesday, to 30 .78 dollars a piece. Over the past three months, the company's capitalization has grown by 38.3% - up to 6.7 billion dollars, while the Standard & Poor's 500 stock index gained 4.9%.
