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

Lourenco Goncalves, the CEO of Ohio-based steelmaker Cleveland Cliffs, said in a news conference Monday, Jan. 13, 2025, that he wanted to make a new bid for U.S. Steel, which accepted the buyout offer from Nippon in 2023 after it rejected an offer by Cleveland-Cliffs.

The company’s renewed interest comes after the Biden administration blocked Nippon Steel from acquiring the onetime American powerhouse.

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.

The onetime dynamo is fighting to revive a takeover by Nippon Steel. Other tie-ups could also face obstacles, and going it alone could force cutbacks.

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

An offer would involve Cleveland-Cliffs acquiring most of U.S. Steel and Nucor taking its so-called mini-mill assets, a source says.

Nucor Corp. (NYSE: NUE) will build a $200 million plant at an existing campus in Utah as the Charlotte steelmaker further expands one of its business lines.

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.

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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