Steel Stocks higher on takeover bid for Commercial Metals

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Source: Marketwatch
© Scanpix/AP

Steel stocks increased after the news about takeover bid for Commercial Metals Co. Carl Icahn, one of the investors, offered $1.73 billion for the company or $15 a share. Carl Icahn already has a 10% stake in Commercial Metals Co. Shares of other steel producers increased after the announcement. Shares of United States Steel Corp. gained 7.5% and shares of AK Steel Holding Corp. added 6.8%.

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Tue, 29 Nov 2011 08:39:15 GMT

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