In a surprising turn of events, Cleveland-Cliffs is set to acquire U.S. Steel in an all-cash deal and subsequently sell off the Big River Steel subsidiary to Nucor. This move comes after President Joe Biden blocked Nippon's proposed $14 billion acquisition of U.S. Steel citing national security concerns.
Cleveland-Cliffs would purchase all of U.S. Steel for all cash and then sell off the Big River Steel subsidiary to Nucor , sources said. U.S. Steel 's headquarters would remain in Pittsburgh under the deal. The offer would be in the high $30s a share. Nippon had planned to buy U.S. Steel for $55 per share in a deal valued at more than $14 billion. U.S. Steel shares jumped more than 7% in midmorning trading on Monday. U.S.
Steel until June, as the companies pursue a lawsuit in federal court against the decision to block the deal. President Joe Biden's decision to block the sale came after a review by the Committee on Foreign Investment in the United States, though he had made clear for months that he believes U.S. Steel should remain an American-owned company. Biden cited national security concerns in his decision to block the deal, saying a strong domestic steel industry is critical for U.S. supply chains. U.S. Steel CEO David Burritt has called on President-elect Donald Trump to reverse Biden's decision to block the sale when he takes office later this month. Trump has also opposed Nippon's acquisition of U.S. Steel
CLEVELAND-CLIFFS U.S. STEEL ACQUISITION NUCOR STEEL INDUSTRY
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