The war for U.S. Steel (NYSE: X) is heating up with Canada’s biggest steelmaker, Stelco Holdings, emerging as a potential suitor for the company, according to a Bloomberg report. The report stated that Stelco is looking to acquire the entire company as it seeks to expand its portfolio of steelmaking assets and increase its market share when it comes to being a metal supplier to the automotive sector.
Stelco could be in discussions with a potential partner for the bid, though no final decision has been made about whether the company intends to acquire U.S. Steel. Stelco’s interest in the company comes even as U.S. Steel is undertaking a review of its strategic alternatives and has rebuffed an offer from Cleveland Cleveland-Cliffs (NYSE:CLF).
What is the Future of U.S. Steel Stock?
Analysts are bearish on X stock, with a Moderate Sell rating based on five Holds and two Sells.