Posted 8/29/2023, 1:41:00 PM

U.S. Steel Entering Confidential Pacts as It Reviews Bids

U.S. Steel is entering into confidential agreements as it evaluates bids.

wsj.com

Relevant topic timeline:

8/25/2023

U.S Steel is for sale, and the union may veto certain buyers

The sale of U.S. Steel could have significant implications for organized labor and the domestic steel economy, as the union representing U.S. Steel employees has the power to veto any transaction they don't approve of.

8/29/2023

U.S. Steel gains as it enters confidentiality agreements with 3rd parties

U.S. Steel rose 1.6% after entering into confidentiality agreements with potential transaction partners, sharing due diligence information under these agreements and amidst rumors of an offer from ArcelorMittal.

8/29/2023

U.S. Steel starts due diligence after entering agreements with 'numerous third parties'

U.S. Steel is reviewing multiple unsolicited proposals, including partial acquisitions and entire buyouts, as the company enters into confidentiality agreements with various third parties.