Cleveland-Cliffs and Nucor Explore Joint Bid for U.S. Steel After Nippon Deal Blocked

CEO Lourenco Goncalves outlines plans for an all-American acquisition as lawsuits and political tensions escalate over U.S. Steel's future.

Cleveland-Cliffs and Nucor are reportedly considering a joint bid to acquire U.S. Steel, with Cliffs taking the blast furnaces and Nucor acquiring the mini-mill assets like Big River Steel.
The proposed bid would be an all-cash offer in the high $30s per share, significantly lower than Nippon Steel's $55-per-share offer that was blocked by the Biden administration over national security concerns.
Cleveland-Cliffs CEO Lourenco Goncalves has criticized Nippon Steel and Japan, accusing them of harmful trade practices and expressing strong nationalist sentiments during public appearances.
Nippon Steel, U.S. Steel, and Cleveland-Cliffs are embroiled in lawsuits, with allegations of monopolistic behavior and collusion to block Nippon’s acquisition of U.S. Steel.
The Biden administration's decision to block Nippon's bid has sparked legal challenges and political uncertainty, with President-elect Donald Trump’s upcoming inauguration adding further complexity.