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A United Steelworkers sign is seen outside the Great Lakes Works United States steel plant in River Rouge, Michigan, USA, September 16, 2024.
Rebeca cooking | Reuters
Cleveland Cliffs is partnering with the rival Nucor in a possible offer for American steelwhose acquisition by Japan’s Nippon Steel was just blocked by the White House earlier this month, sources told CNBC. David Faber.
Cleveland-Cliffs would buy all of US Steel for cash and then sell the Big River Steel subsidiary to Nucor, the sources said. The offer would be for a share of $30.
US Steel’s headquarters would remain in Pittsburgh.
Over the weekend, the White House extended the deadline for Japan’s Nippon Steel to permanently end its search for American steel until June, when both companies filed lawsuits challenging the administration’s blocking of the merger on security concerns.
US Steel stock closed Friday at $34.24 per share.
President Joe Biden blocked Nippon’s more than $14 billion bid to acquire US Steel, citing national security concerns after a months-long review by the Committee on Foreign Investment in the United States.
