U.S. Steelmakers Plot Maintenance as Acquisition Talk Loudens
Attachment: US M&M maint 1Q24
December 9, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--The U.S. steel-manufacturing sector is awash in drama, as one of its top players is heavily rumored to be up for sale. But when it comes to regularly scheduled maintenance, companies are sticking to the old British adage: "Keep calm and carry on."
Industrial Info is tracking more than 75 maintenance-related projects set to kick off at U.S. steel mills in the first quarter, with Cleveland-Cliffs Incorporated (NYSE:CLF) (Cleveland, Ohio), Nucor Corporation (NYSE:NUE) (Charlotte, North Carolina), and United States Steel Corporation (NYSE:X) (U.S. Steel) (Pittsburgh, Pennsylvania) together accounting for more than half of the total investment value. Speculation has surrounded a possible merger between two of these top three: Earlier this year, Cleveland-Cliffs proposed an acquisition of U.S. Steel, which the 122-year-old company initially rejected. But Lourenco Goncalves, the famously pugnacious chief executive officer of Cleveland-Cliffs, hasn't let up on the pressure.
