United States Steel Corporation X announced Tuesday that it has taken the first step toward acquiring Big River Steel through the purchase of a 49.9% ownership interest at a purchase price of approximately $700 million in cash, with a call option to acquire the remaining 50.1% within the next four years.
The company said it has already committed financing to execute the transaction.
Big River’s recently announced Phase II-A expansion is expected to double the mill’s hot-rolled steel production capacity to 3.3 million tons annually, establishing it as one of the largest EAF-based flat-rolled mills in North America.
The enterprise value of Big River is approximately $2.325 billion, according to U.S. Steel.
U.S. Steel shares were trading down 7.27% to $10.71 in Tuesday's premarket session. The stock has a 52-week high of $30.91 and a 52-week low of $10.16.
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