Official press releases from Cleveland-Cliffs, Nucor, or U.S. Steel; major financial news outlets

Cleveland-Cliffs and Nucor Eye Joint All-Cash Bid for U.S. Steel at High $30s Per Share

Jan 13, 2025, 03:26 PM

Cleveland-Cliffs Inc. and Nucor Corp. are reportedly in discussions to jointly bid for United States Steel Corp., according to sources cited by CNBC. The potential bid is said to be an all-cash offer in the high $30s per share, significantly lower than the $54 per share previously offered by Japan's Nippon Steel. The plan involves Cleveland-Cliffs acquiring U.S. Steel and subsequently selling its Big River Steel subsidiary to Nucor. U.S. Steel's headquarters would remain in Pittsburgh. This development comes after the White House blocked Nippon Steel's acquisition of U.S. Steel earlier this month, citing national security concerns. U.S. Steel shares rose approximately 7% to around $37 following the report of the potential bid.