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Arcelor Mittal SA (NYSE:MT) shares traded higher on Monday. Strength may be due to an M&A deal between steel industry peers Nippon Steel Corp (OTC:NISTF) and United States Steel Corporation (NYSE:X).
What To Know: On Monday, shares of U.S. Steel shares rose over 27% after Nippon Steel announced it would acquire the company for $55 per share in an all-cash transaction.
The acquisition was for $14.1 billion-plus debt, with a total enterprise value of $14.9 billion, and is anticipated to close in the second or third quarter of calendar year 2024.
Implications from the acquisition include expectations that it will grow Nippon's manufacturing and technology capabilities and diversify the global footprint.
Arcelor Mittal stock gained almost 7% Monday, possibly due to the deal. The price move was marked by an above-average trading volume of 5.56 million shares, compared to the stock's average volume of 2.06 million shares.
It was worth noting Arcelor Mittal was among the bidders for U.S. Steel, with reports saying the company had financing in place that could enable an all-cash offer of $45 per share.
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MT Price Action: Shares of Arcelor Mittal were up 5.83% at $28.69 at the close of the market Monday, according to Benzinga Pro.
Photo: Janno Nivergall from Pixabay
