This Steel Company Plans On A Huge Stock Offering

Posted on

U.S. Steel Corp. just announced their plans to sell shares in a public offering that would make about $439 million.

“The company intends to use the net proceeds from the offering for financial flexibility, capital expenditures and other general corporate purposes,” U.S. Steel Corp said on Monday in a statement released after the close of regular trading.

The company has 147 million shares outstanding and will be selling 17 million new shares that will be managed by banks including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Barclays Plc.

U.S. Steel will grant underwriters a 30-day option to buy as many as 2.55 million additional shares.

The company has been the best performer on the Bloomberg World Iron/Steel Index and have gained 217% this year.

Disclaimer: We have no position in United States Steel Corporation (NYSE: X) and have not been compensated for this article.

Daily updates