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A United Steelworkers banner is seen outside the Great Lakes Works United States steel plant in River Rouge, Michigan, US, September 16, 2024.
Rebecca Cook | Reuters
cleveland cliffs It is a partnership with a competitor Nocor In a possible attempt to United States steelwhose acquisition by Japanese company Nippon Steel was blocked by the White House earlier this month, sources told CNBC. David Faber.
Cleveland-Cliffs will buy all of US Steel for all cash and then sell Nucor's Big River Steel, the sources said. The offer will be at a high stake of $30.
US Steel's headquarters will remain in Pittsburgh.
Over the weekend, the White House extended the deadline for Japan's Nippon Steel to permanently end its bid United States steel Until June, the two companies filed lawsuits challenging the administration's blocking of the merger for security reasons.
US Steel shares closed at $34.24 per share on Friday.
President Joe Biden blocked Nippon's more than $14 billion bid to take over US Steel, citing national security concerns after a months-long review by the Committee on Foreign Investment in the United States.
