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.

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.

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.

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

This is a developing story. Check back for updates. Cleveland Cliffs is partnering with rival Nucor in a potential bid for U.S. Steel, whose takeover by Japan’s Nippon Steel was just blocked by the White House earlier this month,

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.

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.