Cleveland-Cliffs and Nucor Partner on All-Cash Bid for U.S. Steel in High $30s per Share After Biden Blocks Nippon

Jan 13, 2025, 02:54 PM

Cleveland-Cliffs Inc. and Nucor Corp. are reportedly partnering on a potential bid for United States Steel Corp., according to sources cited by CNBC. The proposed deal involves Cleveland-Cliffs purchasing all of U.S. Steel for an all-cash offer in the high $30s per share, after which it would sell the Big River Steel subsidiary to Nucor. This development comes after the White House blocked a previous takeover attempt of U.S. Steel by Japan's Nippon Steel earlier this month, citing national security concerns following a review by the Committee on Foreign Investment in the United States (CFIUS). U.S. Steel shares, which closed at $34.24 per share on Friday, jumped 7% following the news of the potential bid. President Joe Biden blocked Nippon's more than $14 billion bid to acquire U.S. Steel. The headquarters of U.S. Steel would remain in Pittsburgh if the deal goes through.