U.S. Steel inks confidentiality agreements as strategic review continues

U.S. Steel Corp. stock X, +3.18% was up 2.2% in premarket trades on Tuesday after the industrial company said it’s entering into customary confidentiality agreements with “numerous third parties” after announcing a strategic review on Aug. 13. “While we don’t know how long the process will take, the board of directors, management team and outside advisors are moving quickly to complete it,” the company said in a letter to shareholders. The board will decide a path forward for the company once the strategic review is finished, the company said. U.S. Steel said it has received multiple unsolicited proposals ranging from the acquisition to all or part of the steel maker, which has a market cap of nearly $7 billion. U.S. Steel said it’s been “impressed by by both the high level of interest from potential transaction partners and the speed with which our team is working.”

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Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.