Cleveland-Cliffs Inc. is in talks with Nucor Corp. about a potential joint bid for United States Steel Corp., according to a source familiar with the matter. Cleveland-Cliffs’ CEO later confirmed interest in the deal at a press event.
The companies are considering a split offer, with Cleveland-Cliffs acquiring most of US Steel and Nucor taking its mini-mill assets. A final decision is pending, and they could still abandon the deal.
President Joe Biden recently blocked Nippon Steel’s USD 14.1 bln takeover of US Steel on national security grounds, leading to lawsuits from both companies. Cleveland-Cliffs had previously bid for US Steel in 2023 but was outbid by Nippon Steel.
At a press conference, Cleveland-Cliffs CEO Lourenco Goncalves outlined plans to adopt the US Steel name and relocate the headquarters to Pittsburgh, saying, “I want to buy. I have a plan.” He also mentioned funding the deal with debt but provided no further details. In response, Nippon Steel stated that Goncalves “cannot match the scope and scale of our plan” and vowed to continue pushing for its own deal.
