U.S. Steel Stock Soars on Nippon Steel Takeover Deal
U.S. Steel stock (X) leaped Monday after the company agreed to sell itself to Japan’s Nippon Steel for $14.1 billion.
Nippon Steel has agreed to pay $55 a share, or a 40% premium to Friday’s closing stock price for the Pittsburgh-based steelmaker. Including debt, the deal is worth $14.9 billion.
Tweet on steel stock fluctuation
U.S. Steel stock (X) leaped Monday after the company agreed to sell itself to Japan's Nippon Steel for $14.1 billion.#steel #merge #deal #shares #japan pic.twitter.com/sPNY8RUw9K
— The_Journalbiz (@the_journalbiz) December 18, 2023
Facstset chart
U.S. Steel stock jumped 26% in recent action, to trade at near $50.
The shares haven’t closed above $50 since 2011, FactSet data shows.
The stock is poised for one of its biggest percentage gains in recent years. The stock surged 37% on Aug. 14 after U.S. Steel rejected an unsolicited offer from rival Cleveland-Cliffs.
The news fed a rally in the shares of other U.S. steel companies. Shares in Cleveland-Cliffs (CLF), Nucor (NUE) and Steel Dynamics (STLD) all rose.
