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☆ Morgan Stanley upgrades U.S. Steel Corp to overweight. Here's what the pros say
▼ + stars: | 2023-10-02 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley upgrades U.S. Steel Corp to overweight. Here's what the pros sayJoe Terranova of Virtus Investment Partners and Steve Weiss of Short Hills Capital discussed U.S. Steel Corp after the company hit a new 52-week high Monday and was upgraded to overweight by Morgan Stanley.

Persons: Morgan Stanley, Joe Terranova, Steve Weiss Organizations: . Steel Corp, Virtus Investment Partners, Short Hills Capital

☆ Morgan Stanley upgrades U.S. Steel to overweight. Here's what the pros say
▼ + stars: | 2023-10-02 | by ( Christina Falso | ) www.cnbc.com time to read: 1 min

Market Movers rounded up the latest reactions on U.S. Steel Corporation from investors and analysts. The pros discussed U.S. Steel after Morgan Stanley upgraded the Pittsburgh-based manufacturer to overweight from equal weight . Morgan Stanley expects "value creation from the company's transformational investments." U.S. Steel also touched a new 52-week high Monday despite a soft market elsewhere.

Persons: Morgan Stanley Organizations: U.S . Steel Corporation, Steel Locations: Pittsburgh, U.S

NEW YORK (Reuters) -U.S. Steel Corp is locked in a spat with rival steelmaker Cleveland-Cliffs Inc over a confidentiality pact that would allow the latter to participate in a sale process that is underway, people familiar with the matter said on Wednesday. U.S. Steel has made the standstill a condition to allowing Cliffs to carry out due diligence and participate in its sale process, the sources added. It has also told Cliffs that all bidders are being granted access to its sale process on the same terms, according to the sources. Reuters has reported that ArcelorMittal is one of the parties that has been working on a potential bid for U.S. Steel. Cliffs would break into the world’s top 10 steel producers, which are mostly from Asia, should its bid for U.S. Steel succeed.

Persons: steelmaker, David Lawder, ArcelorMittal, Steel, Thomas Conway, Lourenco Goncalves Organizations: YORK, . Steel Corp, Cliffs Inc, REUTERS, U.S . Steel, . Steel, JPMorgan, UBS, MUFG, Truist Securities, Reuters, U.S, Steel, United Steelworkers, Wall, United Auto Workers, UAW Locations: steelmaker Cleveland, Granite City , Illinois, Wells Fargo, Asia

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

☆ U.S. Steel starts due diligence after entering agreements with 'numerous third parties'
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

The U.S. Steel Corporation facility entry gate is seen in Gary, Indiana, U.S., on October 15, 2018. Chairman David Sutherland and CEO David Burritt said in the letter that the company will start to share due diligence information. They also said the company's board and outside advisers will fully evaluate all options and make the review public to hear from any party that may have interest in the company. Earlier this month, Esmark scraped its bid for U.S. Steel, leaving Arcelor-Mittal as the only known potential challenger to Cleveland-Cliffs. "While we don’t know how long the process will take, the board of directors, management team and outside advisers are moving quickly to complete it," U.S. Steel said in the letter.

Persons: Rajesh Singh, David Sutherland, David Burritt, Esmark, Mittal, U.S . Steel, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel Corporation, REUTERS, . Steel, U.S, Steel, United Steel Workers, U.S . Steel, Arcelor, U.S ., Thomson Locations: Gary , Indiana, U.S, Cleveland, Bengaluru

☆ Esmark scraps bid for U.S. Steel
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File Photo Acquire Licensing RightsAug 23 (Reuters) - Privately held steel company Esmark said on Wednesday it would not participate in the purchase process for U.S. Steel Corp (X.N) and respect the position of the United Steel Workers (USW) union, which is supporting Cleveland-Cliffs' (CLF.N) offer. Last week, Esmark made an offer to buy U.S. Steel for $35 per share, or an equity value of $7.8 billion. Esmark's exit leaves Arcelor-Mittal (MT.LU) as the only known potential challenger to Cleveland-Cliffs, which went public with its bid for U.S. Steel earlier in August. However, U.S. Steel last week said its labor agreement with USW does not afford the union the right to veto a sale of the company.

Persons: Lawrence Bryant, Esmark, ”, Jim Bouchard, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, . Steel Corp, United Steel Workers, Steel, U.S, USW, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

[1/2] Idled blast furnaces at U.S. Steel Corp's Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. Two other U.S. rivals, Nucor Corp (NUE.N) and Steel Dynamics Inc (STLD.O), trade at 6.9 times and 5.8 times, respectively, according to Refinitiv data. These two companies' offers both value U.S. steel at 6.2 times its 2024 EBITDA, according to RBC Capital Markets analysts. Unlike blast furnaces, EAFs do not have to be operated at constant rates, allowing them to adjust to fluctuations in steel demand. EAFs also release much less carbon dioxide than blast furnaces, reducing climate-warming emissions.

Persons: David Lawder, EAFs, Joe Biden, Jefferies, David Burritt, Donald Trump, Anirban Sen, David Carnevali, Greg Roumeliotis, Sonali Paul Organizations: . Steel, REUTERS, US Steel, . Steel Corp, Cliffs Inc, Esmark Inc, Reuters, ArcelorMittal SA, Cleveland Cliffs, Nucor Corp, Steel Dynamics Inc, Steel, RBC Capital Markets, U.S, ., Steel's, U.S . Steel, Donald Trump . Supply, Thomson Locations: Granite City, Granite City , Illinois, U.S, Pittsburgh, Cleveland, New York

REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 16 (Reuters) - ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N), three people familiar with the matter said on Wednesday. ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that it will press ahead with it, the sources said. Representatives for ArcelorMittal and U.S. Steel did not immediately respond to requests for comment. ArcelorMittal's deliberations come after U.S. Steel said on Sunday it had launched a process to explore interest from potential acquirers. The United Steelworkers union supports Cleveland-Cliffs' bid, however U.S. Steel has rebuffed it as "unreasonable".

Persons: Benoit Tessier, ArcelorMittal, Steel, Greg Roumeliotis, Victoria Farr, Kirsten Donovan Organizations: REUTERS, ArcelorMittal SA, U.S . Steel Corp, U.S . Steel, Cliffs Inc, Esmark Inc, Representatives, ArcelorMittal, Steel, . Steel, The United Steelworkers, Thomson Locations: Dunkirk, France, Cleveland, New York, U.S, China, Europe, Frankfurt

☆ Esmark CEO says has money in bank account for $7.8 billion US Steel bid
▼ + stars: | 2023-08-15 | by ( David Carnevali | ) www.reuters.com time to read: +1 min

NEW YORK, Aug 15 (Reuters) - Esmark Inc majority owner and chief executive James Bouchard said in an interview on Tuesday that his steel maker, which does not publicly report its earnings, has cash for its $7.8 billion bid for U.S. Steel Corp (X.N) sitting in his bank account. Esmark unveiled its offer on Monday after Cleveland-Cliffs Inc (CLF.N), another steel maker, said on Sunday it had made a $7.3 billion offer for U.S. Steel, which the latter rejected. "I got $10 billion in cash in my bank account," Bouchard said. Bouchard, a former U.S. Steel executive, said Esmark was "the third largest steelmaker in the country", without elaborating with any figures. He subsequently bought back the Esmark name, trademark and intellectual property to create his latest steel maker, which he says generates over $500 million in annual revenue.

Persons: James Bouchard, Esmark, Bouchard, " Bouchard, David Carnevali, Josie Kao Organizations: Esmark, U.S . Steel Corp, Cliffs Inc, U.S . Steel, Thomson Locations: Cleveland, U.S, Russian, New York

☆ Esmark makes $7.8-billion offer for U.S. Steel Corp
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

U.S. Steel Corp administrative offices for its Granite City Works in Granite City, Illinois, U.S. on July 5, 2017. REUTERS/David LawderAug 14 (Reuters) - Esmark, a privately held company, said on Monday it had made an offer to buy U.S. Steel Corp (X.N) for $35 per share, or an equity value of $7.8 billion. On Sunday, U.S. Steel launched a formal review of strategic options, after rebuffing a takeover offer from rival steelmaker Cleveland-Cliffs (CLF.N). The unsolicited cash-and-stock offer from Ohio-based Cleveland-Cliffs valued U.S. Steel at about $7.3 billion, representing a 43% premium to its closing price on Friday. Reporting by Ananta Agarwal and Ananya Mariam Rajesh in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Lawder, rebuffing, steelmaker, Ananta Agarwal, Ananya Mariam Rajesh, Shounak Dasgupta Organizations: . Steel Corp, REUTERS, Sunday, . Steel, Cliffs, Steel, Thomson Locations: Granite City, Granite City , Illinois, U.S, steelmaker Cleveland, Ohio, Cleveland, Bengaluru

☆ The Paper-Thin Steel Needed to Power Electric Cars Is in Short Supply
▼ + stars: | 2023-03-27 | by ( Bob Tita | ) www.wsj.com time to read: 1 min

Large U.S. steelmakers are ramping up production of a hard-to-make, paper-thin steel to capture a fast-growing market for a material critical to powering electric vehicles. Cleveland-Cliffs Inc. and U.S. Steel Corp. are jockeying with a small group of foreign-based steelmakers that produce electrical steel, used to convert electricity into mechanical power for motors in products that include washing machines, air conditioners, power tools and more recently, electric vehicles.

Gary Works, still one of the largest steel mills in the U.S., employs 4,000 people and has 7.5 million net tons of annual raw steel capability. Big River Steel recently installed a slushie machine to help employees cool off. But the algorithms deployed at Big River can’t plug and play in other mills, according to Christian Holliday, senior director of Digital Studio and Big River Steel Integration at U.S. Steel. Bandwidth is notoriously poor in environments like steel mills that are full of concrete and steel. The Big River acquisition hasn’t provided a one-size-fits-all template for modernization at U.S. Steel’s older plants.

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