United States Steel Corp. says it is initiating a formal review of strategic alternatives after it received “multiple unsolicited” proposals.
The proposals ranged from the acquisition of certain production assets to offers for the whole company, Chief Executive Officer David B. Burritt said in a statement Sunday. The company has hired Barclays Capital and Goldman Sachs as financial advisers for the review process.
“The Board is taking a measured approach to considering these proposals, including seeking more information in order to evaluate proposals that are preliminary and subject to ongoing due diligence and review,” he said.
The steelmaker hasn’t set a deadline for the review to be completed, and the process may not result in the company pursuing a transaction or any other strategic outcome, according to the statement.
U.S. Steel shares have slid 9.3% this year and closed at $22.72 apiece Friday, giving the company a market value of $5.07 billion.
