Steel producer United States Steel Corporation said on Sunday it is initiating a formal review to evaluate strategic alternatives for the company.

The decision follows the company "receiving multiple unsolicited proposals that ranged from the acquisition of certain production assets to consideration for the whole company," CEO David Burritt said, without disclosing more details on the strategic alternatives.

U.S. Steel, which has been raising prices to offset the impact from higher costs related to raw materials and energy, has seen strong demand for its steel products helping the company beat profit estimates for the second quarter.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Lisa Shumaker)