Industry News

U.S. Steel to acquire remaining stake in Big River Steel for about $774 million from cash on hand

Update time : 2020-12-08 22:43:27

United States Steel Corp. X, 9.25% said Tuesday it has agreed to exercise its call option to acquire the remaining stake in Big River Steel for about $774 million in cash on hand. U.S. Steel ended November with about $2.9 billion in liquidity, including more than $1.7 billion in cash. The deal is expected to boost earning immediately and has the potential to crate "significant synergies," the company said in a statement. It's expected to close in the first quarter of 2021. Big River Steel operates a Flex Mill ion northeast Arkansas to make advanced flat-rolled steel. U.S. Steel acquired a 49.9% stake in the company in October of 2019 with an option to acquire the rest. U.S. Steel shares were slightly lower premarket, but have gained 51% in the year to date, while the S&P 500 SPX, -0.18% has gained 14.3%.

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