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United States Steel Corporation (NYSE:X) announced Tuesday that it has taken the first step toward acquiring Big River Steel through the purchase of a 49.9% ownership interest at a purchase price of approximately $700 million in cash, with a call option to acquire the remaining 50.1% within the next four years.
The company said it has already committed financing to execute the transaction.
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Big River’s recently announced Phase II-A expansion is expected to double the mill’s hot-rolled steel production capacity to 3.3 million tons annually, establishing it as one of the largest EAF-based flat-rolled mills in North America.
The enterprise value of Big River is approximately $2.325 billion, according to U.S. Steel.
U.S. Steel shares were trading down 7.27% to $10.71 in Tuesday's premarket session. The stock has a 52-week high of $30.91 and a 52-week low of $10.16.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.