Cleveland-Cliffs partnering with Nucor on potential bid for U.S. Steel, sources say
The White House over the weekend extended the deadline for Nippon to permanently end its pursuit of U.S. Steel until June.
FrankLin
A United Steelworkers sign is seen outside the Great Lakes Works United States Steel plant in River Rouge, Michigan U.S., September 16, 2024.
Rebecca Cook | Reuters
Cleveland Cliffs is partnering with rival Nucor in a potential bid for U.S. Steel, whose takeover by Japan's Nippon Steel was just blocked by the White House earlier this month, sources tell CNBC's David Faber.
Cleveland-Cliffs would purchase all of U.S. Steel for all cash and then sell off the Big River Steel subsidiary to Nucor, the sources said. U.S. Steel's headquarters would remain in Pittsburgh under the deal.
The offer would be in the high $30s a share. Nippon had planned to buy U.S. Steel for $55 per share in a deal valued at more than $14 billion.
The White House over the weekend extended the deadline for Nippon to permanently end its pursuit of U.S. Steel until June, as the companies pursue a lawsuit in federal court against the decision to block the deal.
U.S. Steel CEO David Burritt has called on President-elect Donald Trump to reverse Biden's decision when he takes office later this month. Trump has also opposed U.S. Steel's proposed sale to Nippon.
U.S. Steel shares closed at $34.24 a share on Friday.
This is a developing story. Please check back for updates.
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