Why U.S. Steel Shares Jumped 10% Today

Shares of steelmaker United States Steel (NYSE: X) are 6% higher today, as of 1:15 p.m. EST, after a 10% jump earlier in the day. The recent run began after rival Cleveland-Cliffs (NYSE: CLF) made a surprising acquisition at the end of September, announcing it acquired ArcelorMittal USA, the U.S. assets of global steelmaker ArcelorMittal (NYSE: MT). The acquisition added to industry consolidation that Cleveland-Cliffs began when it bought AK Steel earlier in 2020.