PITTSBURGH — United States Steel Corp. stock jumped more than 5% Wednesday as rumors swirled the company would soon announce the potential winner of a bidding war for the Pittsburgh-based manufacturer.
Stock in U.S. Steel rose $2.03 to $38.42, not only a 52-week high, but the highest it’s been in at least five years. Shares are up 53% since August, when the steelmaker announced it had received unsolicited bids and had commenced a strategic alternatives review.
There have been at least two public suitors, rival Cleveland-Cliffs Inc. (NYSE: CLF) and Sewickley-based Esmark, each offering bids of more than $7 billion. The U.S. Steel board quickly rejected Cleveland-Cliffs’ bid as not enough and Esmark, after learning United Steelworkers was backing Cliffs’ bid, dropped out.
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