ArcelorMittal reportedly considering potential offer for U.S. Steel

According to Reuters on Wednesday, ArcelorMittal (NYSE: MT), the second-largest steel producer in the world, is contemplating the possibility of making an offer to acquire U.S. Steel (NYSE: X).

Luxembourg-based ArcelorMittal is examining a possible deal with its investment bankers. However, the publication states there is no certainty that it will move ahead with an offer.

A potential move could escalate a bidding war after Esmark, Inc. announced a $35 per share offer for U.S. Steel Corp earlier this week. In addition,
U.S. Steel Corp also revealed this week that it had received an unsolicited cash and stock proposal from Cleveland-Cliffs to acquire the firm.

The offer from Esmark's is all cash, while the Cleveland-Cliffs deal is a cash and stock offer. However, the company rejected the Cleveland-Cliffs proposal, stating it was unreasonable.

U.S. Steel Corp shares are up more than $% at $31.50 per share so far on Wednesday.

On Sunday, U.S. Steel revealed it had launched a process to explore interest from potential acquirers.

By Sam Boughedda

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