Cleveland-Cliffs is discussing joining with Nucor on a possible bid for U.S. Steel that is still likely months away from happening, according to people familiar with the matter. U.S. Steel had planned to sell itself to Japanese steelmaker Nippon Steel but President Biden earlier this month blocked the transaction over concerns about foreign ownership and national security. Cleveland-Cliffs aims to purchase all of U.S. Steel with cash, and then sell Big River Steel, a mill in northeast Arkansas, to Nucor, the people said.
Lauren Thomas is a Reporter at The Wall Street Journal. She covers M&A and shareholder activism, with a keen focus on finance, trading, and government and politics. Lauren's insights have been featured in numerous outlets including NBC News, CNBC, and MarketWatch.