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Cleveland-Cliffs and Nucor Plan All-Cash Bid in High $30s for U.S. Steel, Amid CEO's Criticism of Japan

Jan 13, 2025, 10:43 PM

Cleveland-Cliffs Inc. and Nucor Corp. are reportedly collaborating on a potential joint bid for United States Steel Corp. The proposed offer is expected to be an all-cash bid in the high $30s per share, according to sources cited by CNBC. This move comes after President Joe Biden blocked a previous bid by Japan's Nippon Steel for U.S. Steel earlier in the month, citing national security concerns. Cleveland-Cliffs CEO Lourenco Goncalves has expressed strong interest in acquiring U.S. Steel, emphasizing an 'all-American solution' centered on workers. Goncalves has been vocal in his criticism of Japan, calling it 'evil' and accusing it of teaching China how to dump steel in the U.S. market. U.S. Steel shares rose 7% following the news of the potential bid, closing at $37. The plan includes selling U.S. Steel's Big River Steel mill to Nucor if the acquisition is completed. Nippon Steel and U.S. Steel have sued Cleveland-Cliffs and Goncalves, alleging illegal actions to scuttle the deal. The United Steelworkers union supports Cleveland-Cliffs' bid, citing potential antitrust concerns with the Nippon Steel deal. Biden's executive order gave the parties 30 days to unwind the transaction, which was later postponed until June.