U.S. Steel’s shares (NYSE:X) went sky-high on Monday after Esmark Inc. announced its intent to snap up the steel giant for $35 per share in cash. Esmark’s CEO, James Bouchard, who boasts over 40 years in the steel industry and a history with U.S. Steel, expressed his in-depth understanding of the steel landscape, both domestically and internationally.
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Esmark isn’t new to the steel game. Its subsidiary, Esmark Steel Group, stands tall as a major processor and distributor of flat-rolled steel, not to mention its position as the third-largest tin plate steel producer in the U.S. This takeover attempt follows hot on the heels of another proposal from Cleveland-Cliffs (NYSE:CLF), which had valued U.S. Steel at $32.53 per share in a mixed cash and stock deal.
A look at the past five trading days for X stock highlights the level of impact today’s news had on it. Indeed, shares jumped over 36% at the time of writing. As a result, investors are now up 30.15% during this timeframe.
