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Cleveland-Cliffs, Nucor Eye U.S. Steel After Nippon Blocked

1/13/2025

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Summary

Story summary

Cleveland-Cliffs and Nucor plan a cash bid for U.S. Steel after the White House blocked Nippon Steel's $14.1 billion takeover.
The proposed offer is expected to be in the high $30s per share, with U.S. Steel's headquarters staying in Pittsburgh.
Following the news, U.S. Steel shares surged over 8%, boosting Cleveland-Cliffs and Nucor shares as well.
President Biden cited national security concerns as the reason for blocking the Nippon Steel deal, which proposed $55 per share.

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Story summary

Cleveland-Cliffs and Nucor plan a cash bid for U.S. Steel after the White House blocked Nippon Steel's $14.1 billion takeover.
The proposed offer is expected to be in the high $30s per share, with U.S. Steel's headquarters staying in Pittsburgh.
Following the news, U.S. Steel shares surged over 8%, boosting Cleveland-Cliffs and Nucor shares as well.
President Biden cited national security concerns as the reason for blocking the Nippon Steel deal, which proposed $55 per share.