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

Cliffs is partnering with peer Nucor to prepare a potential bid for U.S. Steel, a person familiar with the matter told Reuters on Monday. Cleveland-Cliffs would purchase U.S. Steel in an all-cash deal,

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.

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.

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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