(Bloomberg) — Cleveland-Cliffs Inc. is partnering with Nucor Corp. to weigh a potential joint bid for United States Steel Corp., according to a person familiar with the matter.
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The companies are considering an offer that would involve Cleveland-Cliffs acquiring most of US Steel and Nucor taking its so-called mini-mill assets, said the person, who asked to not be identified because the details aren’t public. A final decision hasn’t been made and the companies could still opt against pursuing a deal, the person said.
Representatives Nucor and US Steel didn’t immediately respond to requests for comment. A spokesperson for Cleveland-Cliffs declined to comment.
President Joe Biden this month blocked Nippon Steel Corp.’s $14.1 billion takeover of US Steel on national security grounds. The companies subsequently filed a pair of lawsuits in a last-ditch effort to preserve the merger.
Cleveland-Cliffs was among several steelmakers that participated in the auction for US Steel in 2023, but it was outbid by Japan’s Nippon.
A potential joint bid for US Steel was first reported by CNBC, which said the companies were considering an offer in the high $30 dollars per share range.
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