What's Going On With United States Steel Stock?

United States Steel Corporation X shares are trading higher on Monday. Esmark Inc. announced an all-cash public offer for U.S. Steel shares.

What To Know: The offer comes on the heels of Cleveland-Cliffs' CLF offer to acquire 100% of the company for $17.50 per share in cash and 1.023 shares of Cleveland-Cliffs stock.

U.S. Steel rejected the offer which resulted in X and CLF stock trading higher on Monday.

Following the rejection, Esmark Inc. announced a voluntary public cash and exchange offer for all issued and outstanding shares in U.S. Steel Corporation for $35 per share. It is important to note that while Cleveland-Cliffs' offer was in cash and stock, Esmark's is all-cash.

"With more than 40 years of steel industry experience, and as a former executive and statutory representative of U.S. Steel, I have significant intimacy with the steel business in the U.S. and around the globe," said James P. Bouchard, Chairman & CEO of Esmark, Inc., Executive Committee Member of the American Steel Institute and the European Steel Association (Eurofer).

"This is an exciting time as the entire American Steel industry is restructuring, and with Esmark's long-standing history of excellence, we are anxious to continue to grow and we're well positioned to come in and operate."

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X Price Action: Shares of X were up 8.86% at $15.97 at the time of publication, according to Benzinga Pro.

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