U.S. Steel Agrees to Buy Assets of National
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U.S. Steel Corp., trying to retain its 102-year-old position as North America’s biggest maker of raw steel, agreed to buy most of the assets of National Steel Corp. for $950 million.
The agreement comes three days after International Steel Group Inc. offered $1.5 billion for Bethlehem Steel Corp.’s assets in a deal that threatened to displace U.S. Steel as the industry’s largest producer.
Buying National Steel would boost U.S. Steel’s production capability by 40% to 25 million tons a year, 5 million more than what International Steel would have.
Shares of U.S. Steel rose 72 cents to $13.70 on the New York Stock Exchange.
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