American industrial icon US Steel is on the verge of being absorbed as industry consolidates further

Associated Press

United States Steel Corp. seems poised to be soon purchased by a competitor, with two bidders revealed in a matter of days and more in the wings. It would mean the takeover of a symbol of American industrialization that for more than a century helped build everything from the United Nations building in New York City to the New Orleans Superdome. After rejecting a $7.3 billion buyout proposal from rival Cleveland-Cliffs on Sunday, U.S. Steel said it was considering alternatives. On Monday, industrial conglomerate Esmark offered $7.8 billion for Pittsburgh-based U.S. Steel.