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U.S. Steel Initiates Formal Review to Explore Strategic Company Alternatives

U.S. Steel Corporation has announced a formal review to evaluate potential strategic alternatives for the company, following unsolicited proposals and strong Q2 profit results.

Engineers working at the US Steel plant
Engineers working at the US Steel plant

U.S. Steel's Big Move

Steel producer United States Steel (NYSE:X) Corporation said on Sunday it is initiating a formal review to evaluate strategic alternatives for the company.

Unsolicited Proposals Spur Action

The decision follows the company "receiving multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company," CEO David Burritt said, without disclosing more details on the strategic alternatives.

Rising Prices and Strong Demand

U.S. Steel, which has been raising prices to offset the impact of higher costs related to raw materials and energy, has seen strong demand for its steel products helping the company beat profit estimates for the second quarter.