Cleveland-Cliffs and Nucor are planning a joint bid to acquire US Steel, weeks after President Biden blocked Nippon Steel's $15 billion takeover. The offer involves Cleveland-Cliffs buying US Steel for less than $40 a share and selling the Big River Steel unit to Nucor. This comes after Nucor initially approached US Steel shareholders regarding a potential acquisition of its electric furnace assets.
Cleveland-Cliffs and Nucor are set to launch a joint bid to acquire US Steel just weeks after US President Joe Biden blocked the $15bn takeover of the Pennsylvania-based group by Japan’s Nippon Steel, said people briefed on the matter. As part of the planned offer, Cleveland-Cliffs will buy all of US Steel in cash and then sell the target’s Big River Steel unit to Nucor , said the people briefed about the matter.
People close to US Steel have been adamant that the only deal the company intends to complete is with Nippon Steel, whose attempt to buy the company was caught up in a political firestorm during the 2024 US presidential election. The two companies have filed a lawsuit alleging “unlawful political interference” by the Biden administration, which in their view blocked the transaction in an effort to win union support in the 2024 race in the crucial swing state of Pennsylvania.
MERGERS AND ACQUISITIONS STEEL INDUSTRY US STEEL CLEVELAND-CLIFFS NUCOR
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