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A United Steelworkers sign is seen outside United States Steel’s Great Lakes Works in River Rouge, Michigan, U.S., on September 16, 2024.
Rebecca Cook | Reuters
Cleveland Cliffs is a partner with a rival Nucor in a potential bid for US Steelwhose takeover by Japan’s Nippon Steel was just blocked by the White House earlier this month, sources tell CNBC David Faber.
Cleveland-Cliffs would buy all of US Steel for all the money, then sell the Big River Steel subsidiary to Nucora, the sources said. The offer would be in the high stakes of $30.
US Steel’s headquarters would remain in Pittsburgh.
Over the weekend, the White House extended a deadline for Japan’s Nippon Steel to permanently end its search for US Steel until June as both companies filed lawsuits challenging the administrative block on the merger on security grounds.
Shares of US Steel ended Friday at $34.24 per share.
President Joe Biden has blocked Nippon’s more than $14 billion bid to buy US Steel, citing national security concerns after a months-long review by the Committee on Foreign Investment in the United States.
