United States Steel Corporation (NYSE:X) has received multiple bids for the steelmaker in excess of $40 a share, sources familiar told CNBC?s David Faber December 13, 2023. U.S. Steel shares rose more than 3% on the news. The company?s stock closed on December 12, 2023 at $36.39 a share.

The sale process started in August when rival Cleveland-Cliffs Inc. (NYSE:CLF) made an unsolicited bid of $7.3 billion. U.S. Steel rejected that offer. CNBC previously reported U.S. Steel has attracted five bidders, including ArcelorMittal S.A. (ENXTAM:MT).

U.S. Steel?s board is meeting on December 13, 2023, the sources said. The sale process is coming to a conclusion, but this does not mean there will be an announcement of the outcome Thursday morning. Cleveland-Cliffs?

current bid is above $40 a share which is higher than its original offer of $35 a share made last summer, the sources said. The composition of Cleveland-Cliffs? original bid was $17.50 in cash per share and the rest in stock.

The current bid has a similar composition though it may be weighted more toward cash, the sources said. If Cleveland-Cliffs prevails, its combination with U.S. Steel would account for 40% of flat-rolled steel and 60% of auto-grade steel in the U.S. The combined company would be the 10th-largest steel producer worldwide. The details of ArcelorMittal?s bid are less clear, though the company apparently had financing that would have allowed it to offer $45 a share in all cash.