Why United States Steel Is Trading Higher

United States Steel Corporation X shares are trading higher following a report suggesting ArcelorMittal is discussing a possible bid for the company with advisers.

What To Know: The news of the report Wednesday follows an already eventful week for U.S. Steel.

Concern arose surrounding the economic health of China Tuesday due to weak industrial production and retail sales data for July and rate cuts from the PBOC.

In turn, worry about the resulting weakened metal demand in China caused shares of several metal companies to trade lower.

However, prior to Tuesday's worries, U.S. Steel stock had been trending higher related to other offers made to the company.

On Monday, U.S. Steel rejected Cleveland-Cliffs' offer to acquire 100% of the company for $17.50 per share in cash and 1.023 shares of Cleveland-Cliffs stock, followed by Esmark Inc. announcing an all-cash public offer for U.S. Steel shares for $35 per share.

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X Price Action: Shares of X were up 1.62% at $30.72 at the time of publication, according to Benzinga Pro.

Image by Janno Nivergall from Pixabay