Market Updates
U.S. Steel Agrees to Buy Stelco for $1 B
Elena
27 Aug, 2007
New York City
-
The deal, which is expected to complete this year, is worth C1.1 billion ($1.04 B), or C$38.50 a share. The transaction represents 43% premium over Stelco''s Friday close of C$26.93. The deal is expected to strengthen U.S. Steel
[R]8:15AM U.S. Steel agreed to acquire Canada’s Stelco for $1.04 billion.[/R]
United States Steel Corp. ((X)) announced an agreement to acquire Canada''s Stelco, continuing the global consolidation in the steel industry. The deal is worth C1.1 billion ($1.04 B), or C$38.50 a share. The transaction represents 43% premium over Stelco''s Friday close of C$26.93. The deal is expected to strengthen U.S. Steel’s position as a supplier of flat-rolled steel products in North America.
Under the terms of agreement, the U.S. steelmaker will assume Stelco''s $730 million of net debt. U.S. Steel expects that the deal will generate more than $100 million of pre-tax synergies by the end of 2008 and will contribute to earnings increase on an adjusted basis for 2008. The deal, which is expected to complete this year, is subject to antitrust review in the U.S. and Canada. J.P. Morgan is a financial advisor of U.S. Steel, while CIBC and UBS advised Stelco.
Annual Returns
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|
Earnings
| Company | Ticker | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|