Canadian steelmaker Stelco Holdings Inc. is reportedly a new potential bidder for US Steel. According to media reports, Stelco, which was a subsidiary of US Steel from 2007-2016, has not made a formal bid but the company has reportedly held conversations with potential partners to offer on.
US Steel has previously acknowledged receiving bids to consider for a possible acquisition, most notably from Cleveland-Cliffs, which has the backing of the United Steelworkers union.
Pennsylvania-based Esmark Inc. offered a bid in August but withdrew it within weeks, while reports in late August also suggested ArcelorMittal was possibly considering making an offer.
Media reports about Stelco's bid indicated the company is seeking to purchase all of US Steel's assets in order to increase its portfolio and boost its market share in the automotive industry.