Why U.S. Steel Shares Are Rising Today

United States Steel Corporation X shares are trading higher after the company reportedly received multiple bids in excess of $40 a share.

The board of U.S. Steel is convening on Wednesday, according to a news report by CNBC, citing certain sources. 

While the sale process is nearing its end, this does not guarantee an announcement about the outcome will be made Thursday morning, the report added.

The sale initiative for U.S. Steel began in August following an unsolicited $7.3 billion bid from competitor Cleveland-Cliffs Inc CLF, which U.S. Steel subsequently declined.

According to the report, United States Steel already had five bidders in the queue, including Arcelor Mittal MT.

In fact, Cleveland-Cliffs' latest offer stands above $40 per share, an increase from their initial proposal of $35 a share made last summer, the sources told CNBC.

Also Read: U.S. Steel Brushes Off Cleveland-Cliffs' $35 Per Share Offer: Analyst Says Deal Less Likely To Close Without 'Meaningful Concessions'

While specifics of ArcelorMittal's bid remain vague, the company reportedly had financing in place that could enable an all-cash offer of $45 per share, the CNBC report added.

Price Action: X shares are trading higher by 4.81% to $38.14 on the last check Wednesday.

Photo Via Company