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Cleveland-Cliffs Reportedly Makes All-Cash Bid for US Steel
January 14, 2025
Cleveland-Cliffs is reportedly collaborating with Nucor to prepare an all-cash bid for US Steel, offering around the high $30s/share, as per sources. The plan involves Cleveland Cliffs acquiring US Steel entirely and then selling its Big River Steel mill to Nucor. This follows Cleveland Cliffs’ previously rejected $54/share bid in 2023, partly in stock, which US Steel rejected due to antitrust concerns and potential market consolidation. Also this comes after the Biden administration delayed an order requiring Japan’s Nippon Steel to abandon its $14.9bn bid for US Steel until June. However, US Steel is currently aligned with Nippon Steel, which offered $55/share in December 2023, with Nippon promising to modernize US Steel’s mills. Cleveland Cliffs’ new bid, supported by Nucor, is considered by some to put pressure on Nippon while navigating regulatory and political hurdles.
US Steel’s dollar bonds were trading stable with its 6.875% 2029s at 100.6, yielding 6.7%.
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