US Steel Draws Interest From Small Canadian Rival It Once Owned
- Stelco seeks to acquire iconic US steelmaker with a partner
- Suitor is the successor to US Steel’s assets in Canada
Steel coils sit to cool outside the Stelco Holdings Inc. plant in Nanticoke, Ontario, Canada
Photographer: Cole Burston/BloombergCanadian steelmaker Stelco Holdings Inc. is pursuing a bid for bigger rival and former owner United States Steel Corp., adding to a growing list of suitors for the iconic American company.
Stelco, whose sales and market value are dwarfed by US Steel, seeks to buy the Pittsburgh-based producer to increase its steelmaking assets and boost its share of the market for supplying metal to the automotive industry, according to people familiar with the matter. US Steel shipped six times more steel than Stelco last year and has a market value almost five times larger than the Canadian firm it once owned.
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US Steel Draws Interest From Small Canadian Rival It Once Owned