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ArcelorMittal SA MT is considering a potential offer for U.S. Steel Corp. X, Reuters reported Wednesday citing people familiar with the matter. That would be a third proposal for U.S. Steel, which has received offers from Cleveland-Cliffs Inc. CLF and privately held Esmark Inc. for more than $7 billion. U.S. Steel has rejected the offer from Cleveland-Cliffs but confirmed it had received others. According to Reuters, ArcelorMittal, the second largest steel producer in the world, is discussing an offer with its investment bankers and there is “no certainty” that it will move forward with it. U.S. Steel shares have rallied more than 40% in the last three days of trading, contrasting with a drop of about 1% for the S&P 500 index. SPX
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