United States Steel Corp. Big has agreed to acquire the remaining .10.1% stake in Big River Steel LLC for 74 million, giving the steelmaker ownership of one of the country’s newest, most advanced steel mills.
Osola, Arch of the Big River. Owned by Mills, US Steel rivals Newcore Corp., one of the most profitable companies in the domestic steel industry. And will enter the same manufacturing process used by Steel Dynamics Inc. The company said the acquisition is at the heart of its drive to increase profits by investing in electric furnaces, known as minimals in the steel industry.
U.S. Steel bought a 49.9% stake in Big River in October 2019 for 700 700 million in October 2019, with the option to acquire the rest of the company in four years. “In recent months, higher steel prices have helped US Steel raise enough cash to complete purchases earlier than expected,” said a person familiar with the matter.
U.S. The spot market price for coiled sheet steel in India reached સપાટી 856 a tonne on Monday, rising below 500 500 a tonne this summer in anticipation of a summer rally. “The timing is right for us,” US Steel chief executive David Burritt told a conference call on Tuesday.
Shares rose 7.8% to .5 18.55 in morning trade.
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