Cleveland-Cliffs is partnering with Nucor to weigh a potential joint bid for United States Steel, according to a person familiar with the matter. Cliffs’ top boss later confirmed his interest in the American steelmaker at a press event.
The companies are considering an offer that would involve Cleveland-Cliffs acquiring most of U.S. Steel and Nucor taking its so-called mini-mill assets, said the person, who asked to not be identified because the details aren’t public. A final decision hasn’t been made and the companies could still opt against pursuing a deal, the person said.
U.S. Steel didn’t respond to requests for comment. Nucor declined to comment.
