US Steel Stock Jumps as Cleveland-Cliffs and Nucor Reportedly Mull Joint Bid | Global News Avenue

United States Steel Corporation (X) shares rose on Monday CNBC Report Cleveland Cliffs (CLF) is working with rival Nucor (Urea utilization) a potential acquisition of the company, which Nippon Steel acquired for $14.1 billion blocked Most recently by President Joe Biden.

Cleveland-Cliffs plans to acquire all shares of U.S. Steel for cash and then spin off the Big River Steel subsidiary to Nucor, CNBC reported. U.S. Steel will reportedly remain headquartered in Pittsburgh and the offer will be “a high share of $30.”

Nucor declined to comment on the report, and Cleveland-Cliffs did not immediately respond to a request for comment.

Nippon Steel originally planned to acquire U.S. Steel $55 per share. Over the weekend, the Japanese steelmaker received a expand A deadline for when the bid must be abandoned.

Cleveland-Cliffs tried to buy U.S. Steel in 2023

cleveland cliffs have Offer to buy U.S. Steel acquired the company in 2023 and exited after announcing a deal with Nippon Steel in December of that year. The Ohio-based company’s initial offer was backed by the United Steelworkers union and faced less resistance from Washington, which has been pushing for domestic buyers.

U.S. Steel and Nippon Steel said last week sue The U.S. government was blocked on the deal. The companies also announced separate lawsuits against Cleveland-Cliffs, the company’s CEO Lorenzo Goncalves and David McCall, president of the United Industrial and Service Workers International union, accusing them of “coordinated actions.” Prevent merging.

U.S. Steel shares rose more than 9% to $37.49 in intraday trading on Monday. Despite Monday’s gains, the stock has fallen by more than a fifth in the past 12 months.