Cleveland-Cliffs, Nucor to Raise Joint Bid for U.S. Steel Acquisition

SEATTLE (Scrap Monster):  Media reports state that Cleveland-Cliffs and Nucor Corporation will collaborate to submit a joint bid for the purchase of United States Steel Corporation's (U.S. Steel) assets. This comes after the White House rejected Nippon Steel's offer to buy the Pittsburgh-based steel manufacturer.

According to reports, Cleveland-Cliffs would pay cash for all of U.S. Steel's assets. Cleveland-Cliffs also intends to sell Nucor its Big River Steel business, which consists of mini-mill assets. An offer in the mid $30s per share has reportedly been made by Cleveland-Cliffs. The corporations are free to decide to opt out of the deal, although a final decision has not yet been made.

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Earlier, Cleveland-Cliffs had attempted, but failed, to purchase U.S. Steel. In the 2023 U.S. Steel auction, the company was outbid by the Japanese steelmaker Nippon Steel. CEO Laurenco Goncalves recently disclosed to the media that the company plans to make another attempt at an acquisition in order to strengthen the local steel industry in the United States. Goncalves stated that the agreement will keep U.S. Steel's headquarters in Pittsburgh.

The businesses' possible joint bid for U.S. Steel was first reported by CNBC. Nucor and U.S. Steel, however, chose not to comment.