Cleveland-Cliffs and Nucor are set to launch a joint bid to acquire US Steel just weeks after US President Joe Biden blocked the $15bn takeover of the Pennsylvania-based group by Japan’s Nippon Steel, said people briefed on the matter.
As part of the planned offer, Cleveland-Cliffs will buy all of US Steel in cash and then sell the target’s Big River Steel unit to Nucor, said the people briefed about the matter.
Cleveland-Cliffs plans to offer less than $40 a share to buy US Steel, significantly below the $55 a share that Nippon Steel had agreed to pay last year before Biden killed the transaction over national security concerns.
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