United States Steel Corporation to acquire remaining equity of Big River Steel
Tuesday, December 8, 2020
PITTSBURGH -- United States Steel Corporation (NYSE: X) (“U. S. Steel”) announced today it has exercised its call option to acquire the remaining equity of Big River Steel (“Big River Steel”) for approximately $774 million from cash on hand. The company ended November with approximately $2.9 billion of liquidity, including over $1.7 billion of cash. The transaction is expected to be immediately accretive to earnings with the potential for significant synergies to further support long-term value creation. The transaction is subject to satisfaction of customary closing conditions, including antitrust approval, and is expected to close in the first quarter of 2021.