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ArcelorMittal is discussing a potential bidding offer for US Steel with its investment bankers, according to sources. However, there is uncertainty on ArcelorMittal going ahead with the offer. Last week, US Steel rejected an offer of $7.3bn from Cleveland-Cliffs. The company then received an offer of $7.8bn from Esmark the next day. Esmark’s offer is all cash, while Cleveland-Cliffs’ offer was half cash, half stock. ArcelorMittal’s deliberations come after US Steel said on Sunday that it had launched a process to explore interest from potential acquirers.
US Steel bonds were trading flat with its 6.875% 2029 bond trading at 99.75 cents to the dollar, yielding 6.93%
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