On September 16, 2024, a United Steelworkers logo was hung outside the U.S. Steel plant at the Great Lakes plant in River Rouge, Michigan, USA.
Rebecca Cook | Reuters
cleveland cliffs Working with competitors Nucor in a potential bid United States Steel CorporationThe White House just blocked a takeover by Japan’s Nippon Steel earlier this month, sources told CNBC’s David Faber.
Cleveland-Cliffs will acquire all of U.S. Steel in all cash and then sell the Big River subsidiary to Nucor Steel, sources said. Under the agreement, U.S. Steel’s headquarters will remain in Pittsburgh.
Offers will be in the high share of $30. Nippon originally planned to acquire U.S. Steel for $55 per share, a deal worth more than $14 billion.
The White House over the weekend extended Japan’s deadline to permanently end its pursuit United States Steel Corporation It was not until June that the companies filed suit in federal court challenging the decision to block the deal.
U.S. Steel Chief Executive David Burritt called on President-elect Donald Trump to reverse Biden’s decision when he takes office later this month. Trump also opposed a proposed sale of U.S. Steel to Japanese Steel.
U.S. Steel shares closed Friday at $34.24 per share.
This is a development story. Please check back for updates.
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