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United States Steel (X) stock is advancing 8.5% today after it was reported that two American steel firms are interested in buying it.
Also importantly, the Biden administration delayed the implementation of its order which would kill a proposed takeover of X by Japan's Nippon Steel (NPSCY).
A close up of a specialized steel product that is being processed in a manufacturing plant.
Cleveland Cliffs Is Reportedly Interested in Buying X
Cleveland Cliffs (CLF), another American steelmaker, is collaborating with its peer, Nucor (NUE), on a potential bid for U.S. Steel, CNBC reported today. Under the possible deal, CLF would buy X for a price per share in the high $30s range. Nippon has offered $55 per share for X.
Under the proposal being considered, after acquiring U.S. Steel, CLF would sell X's subsidiary, Big River Steel, to its peer, Nucor (NUE), CNBC reported.
Biden Administration Delays Order Nixing Nippon Takeover
The Biden administration will delay the implementation of President Joe Biden's order blocking the deal between X and Nippon until June 18, the companies reported on Saturday.
President-elect Donald Trump has said that he also opposes allowing the acquisition to occur.
“We look forward to completing the transaction, which secures the best future for the American steel industry and all our stakeholders.” Nippon and U.S. Steel said in a statement.
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READ ALSO 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock
Disclosure: None. This article is originally published at Insider Monkey.