Steel Mills

Cliffs, Nucor could buy U.S. Steel: Report

Written by Ethan Bernard

January 13, 2025

Cleveland-Cliffs could be teaming up with Nucor to make a play for U.S. Steel, according to an article at CNBC.

Cliffs would buy all of Pittsburgh-based U.S. Steel in a cash deal, and then Nucor would come in to purchase Big River Steel in Arkansas, the article said.

The offer would be in the neighborhood of the high $30s per share vs. Japanese steelmaker Nippon’s offer of $55 per share, according to CNBC. This deal would reportedly see USS headquarters remaining in Pittsburgh.

Recall that President Joe Biden recently blocked Nippon’s $14.9-billion proposed buy of U.S. Steel. However, SMU has reported that the deadline for unwinding the deal has now been extended to June.

Nippon has filed lawsuits against the US government, and another suit vs. Cliffs’ Chairman, President, and CEO Lourenco Goncalves and United Steelworkers union International President Dave McCall.

Nucor declined to comment on the matter.

Cliffs’ Goncalves touched on the subject in a press conference at the company’s Butler Works in Pennsylvania on Monday afternoon. He did not confirm or deny whether he is working with Nucor, and said he did not want to negotiate in the press. However, he did say he was interested in a deal to buy USS.

Ethan Bernard

Ethan Bernard is a reporter and editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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