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Conflicting reports on U.S. Steel sale of Slovakian unit

Published 09/26/2017, 11:20 AM
Updated 09/26/2017, 11:20 AM
© Reuters.  Conflicting reports on U.S. Steel sale of Slovakian unit
  • U.S. Steel (X +1.2%) reportedly may be near a sale of its Kosice unit in Slovakia to a Chinese company, but X is said to have denied the report and Axiom Capital analyst Gordon Johnson thinks there is no sale, at least not yet.
  • “What sale? We didn’t say anything about a sale," was the company's response when asked about the rationale for such a deal, according to Johnson, writing "with a price for USSE (i.e., $1.4B) and a suitor (i.e., Hesteel) named... there could be an information leak of sorts; however, we cannot speculate either way."
  • X shares are higher along with broader gains in the steel sector: AKS +1.3%, RS +1%, STLD +0.8%, CLF +0.8%, NUE +0.4%, MT +0.3%.
  • Now read: Cliffs - Industrial Metals Are Ripping


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