United States Steel reported better-than-expected third-quarter results. The stock isn’t moving though. There is a good reason for that.
There is a good reason for the muted stock reaction. The company is still in play. Investors need more clarity on management’s plan to sell the whole company or pieces of it. Or if management will just stand pat and continue to operate just as U.S. Steel does today. Trading below the deal value is one indication that investors don’t expect a materially higher bid from either Cleveland-Cliffs or a third party. There, of course, is no guarantee that investors are right about that.
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