GLJ Research notes that U.S. Steel (X) CEO David Burritt set the strike price at $49.87 per share when the executive established a 10b5-1 plan in early June 2023, so the analyst contends the executive “believes the company is worth” about $50 per share. Should the Nippon (NPSCY) deal fall through and Cleveland-Cliffs (CLF) shows interest, “this is likely the price he’ll seek to get,” argues the firm regarding Burritt. GLJ, which contends that U.S. Steel is “likely still a great merger arbitrage risk/reward play to the long side,” keeps a Buy rating on the shares.
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