Why U.S. Steel Stock Soared Today
Shares of iconic steelmaker United States Steel (NYSE: X) soared Monday after the company revealed over the weekend that it was undertaking a review of strategic alternatives. The decision came after the company said it received several unsolicited proposals for portions of its production assets as well as at least one to purchase the whole company.
The market reacted by sending shares higher by 32.9% as of 1:15 p.m. ET.
In a statement the company said, "U. S. Steel does not intend to make any further public comment regarding the review of strategic alternatives until it has been completed or the Company determines that a disclosure is required by law or otherwise deemed appropriate."
Source Fool.com
