U.S. Steel (X) stock experienced a surge in Monday afternoon stock market trading following the announcement of a $35 cash offer to individual shareholders from Esmark, a small private company. This comes after U.S. Steel rejected a $7.3-billion offer from Cleveland-Cliffs (CLF), which would have created the largest American steel producer. Despite the rejection, U.S. Steel has expressed its willingness to entertain a transaction and has invited Cleveland-Cliffs to participate in its examination of strategic alternatives. This news has generated optimism regarding industry consolidation and its potential to improve supply discipline, which would be positive for steel prices.
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