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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.

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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.


Image: Steel