Jan 13, 2025 - Business

U.S. Steel stock jumps on report of possible bid from Cleveland-Cliffs and Nucor

Nathan Bomey

Mist coming off of a river with an industrial plant on the shore — A tugboat pushes a barge to be loaded with coal near the U.S. Steel Corp. facility in Clairton, Pennsylvania, on Sept. 9. Photo: Justin Merriman/Bloomberg via Getty Images

U.S. Steel's stock jumped Monday after a report of a possible new acquirer.

Why it matters: The Biden administration moved to block the company's sale to Japan-based Nippon Steel, but a legal fight is brewing over that decision.

Driving the news: U.S. Steel shares rose 8% to $37 in mid-morning trading after CNBC reported that Cleveland-Cliffs is partnering with Nucor for a possible bid to buy U.S. Steel.

A Cleveland-Cliffs spokesperson did not address Axios' request for comment on the report but noted the company will be holding a press conference at 1 p.m. ET.
Representatives of U.S. Steel and Nucor were not immediately available for comment.
Cleveland-Cliffs shares were up 3.4%, while Nucor was up 3.9%.
CNBC said the new offer for U.S. Steel would in the "high $30s a share," versus the $55 a share Nippon Steel was to pay.

The intrigue: U.S. Steel and Nippon Steel jointly sued Cleveland-Cliffs and United Steelworkers leader David McCall earlier this month, alleging they illegally interfered with the original deal.

Cleveland-Cliffs and McCall denied those allegations.

What to watch: The Biden administration is reportedly delaying enforcement of the order on the Nippon deal for U.S. Steel as the dispute plays out in court.

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U.S. Steel stock jumps on report of possible bid from Cleveland-Cliffs and Nucor

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