U.S. Steel (X +6.1%) shares enjoy a strong turnaround after dropping as much as 8% pre-market after news of the company's JV agreement under which it has taken the
first step toward acquiring Big River Steel.
Big River Steel is a $1.3B steel mill in Arkansas that was built in 2014 and is the only steel producer to be LEED certified.
CEO David Burritt was just
interviewed on CNBC following the Big River Steel announcement, saying he is optimistic about the company's future and will get through the current down market for steel.
U.S. Steel's balance sheet is in much better shape than before, Burritt says, and on Big River, the CEO says "it's going to be a beautiful marriage."