United States Steel Corp. (U.S. Steel), one of the largest steel producers in the world, announced on Sunday that it is launching a formal review to evaluate strategic alternatives for the company, following multiple unsolicited takeover offers from potential buyers.

The Pittsburgh-based company said in a press release that it has received “multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company.”

The company did not disclose the names or details of the bidders, but said that it will “carefully evaluate” the proposals and “pursue the best course of action” for its shareholders, customers, employees, and communities.

U.S. Steel has hired Barclays Capital and Goldman Sachs as financial advisors, and Milbank LLP and Wachtell, Lipton, Rosen & Katz as legal advisors, to assist with the review process.

The company said that there is no assurance that the review will result in any transaction or change in strategy, and that it does not intend to comment further until the review is completed or terminated.

The announcement comes as U.S. Steel has been benefiting from strong demand for its steel products, especially from the automotive, construction, and energy sectors.

The company has also been raising prices to offset the impact of higher costs for raw materials and energy. In July, U.S. Steel reported a net income of $1.3 billion for the second quarter of 2023, beating analysts’ expectations and marking its best quarterly performance since 2008.

U.S. Steel’s shares rose 7% in premarket trading on Monday, following the news of the strategic review. The company’s market value was about $14 billion as of Friday’s close.