U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.

U.S. Steel shares rose after CNBC reported that Cleveland-Cliffs is partnering with Nucor for a possible bid to buy U.S. Steel.

The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.

U.S. Steel ( X 0.41%) has been in the news for months since Japan's Nippon Steel made a generous offer for the iconic American steelmaker. Nippon's $14.9 billion bid in late 2023 represented a nearly 40% premium to U.S. Steel's share price at the time.

I have a plan, I have an all-American solution in place. The all-American solution centers on people, on workers,” said Cleveland-Cliffs CEO Lourenco Goncalves.

After Nippon Steel's bid was thwarted by the Biden administration, other American competitors are looking for an acquisition.

Cleveland-Cliffs is preparing a cash bid for U.S. Steel, aiming to sell Big River Steel to Nucor if successful. Nippon Steel's existing $14.9 billion bid was blocked by the Biden administration. Tensions rise as both parties argue over the future ownership and strategy for U.

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Cleveland-Cliffs is partnering with peer Nucor to prepare a potential all-cash bid for U.S. Steel, with an offer in the high $30s per share, a person familiar with the matter said on Monday. Cliffs is aiming to purchase all of U.

United States Steel Corp. shares rose after CNBC reported that Cleveland-Cliffs Inc. and Nucor Corp. are considering a takeover bid of the iconic American steelmaker.

Nippon's offer to buy USS was $14 billion while, according to Cliff CEO Lourenco Goncalves, Cliffs' final bid was $13.8 billion. Before Biden killed the Nippon deal, a bipartisan group, including incoming President Donald Trump, also opposed the deal.