US Steel Acquires Big River Steel in $774M Deal
U.S. Steel Corporation announced on December 8 that it would purchase the remaining equity of Big River Steel Co. for $774 million in cash after ending November 2020 with about $2.9 billion in liquidity, $1.7 billion in cash.
The deal, which is set to close in the first quarter of 2021, will combine U.S. Steel’s blast furnaces and steel intellectual properties with Big River Steel’s modern electric arc furnace (EAF) technologies and “mini-mill” operations into the same company. U.S. Steel, in a statement, said this would expand U.S. Steel’s talent pool and make the overall company more competitive.
David B. Burritt, CEO of U.S. Steel, called the purchase “the cornerstone of our ‘Best of Both’ strategy” and said it would allow his company to “offer customers the high performance, innovative steel products they expect from U.S. Steel’s scientists and application engineers made through a state-of-the-art, environmentally sustainable and efficient mini-mill process.”
