Cleveland-Cliffs and Nucor are teaming up to make a cash offer for US Steel, potentially disrupting the existing bid from Nippon Steel. The proposed deal from Cleveland-Cliffs involves selling its Big River Steel subsidiary to Nucor. The offer is expected to be in the high $30s per share, significantly lower than Nippon Steel's initial $55 per share bid. The Biden administration has delayed its decision on Nippon Steel's acquisition, prompting US Steel and Nippon Steel to file a lawsuit alleging bias in the CFIUS review.
Cleveland-Cliffs is collaborating with its rival Nucor on a potential bid to acquire US Steel ,, Cleveland-Cliffs plans to purchase all of US Steel for cash and sell its Big River Steel subsidiary to Nucor. The offer is expected to be in the high $30s per share, while Nippon Steel had intended to acquire US Steel for $55 per share in a deal valued at over $14 billion..
“We are pleased that CFIUS has granted an extension until June 18, 2025, for the requirement in President Biden’s executive order that the parties permanently abandon the transaction,” the companies said in a statement.
MERGERS AND ACQUISITIONS STEEL INDUSTRY US STEEL NIPPON STEEL CLEVELAND-CLIFFS
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