Al Root
The bidding war for United States Steel could get more complicated.
CNBC reported Monday that Nucor and Cleveland-Cliffs were considering a joint bid for U.S. Steel.
Nucor and Cleveland-Cliffs didn't immediately respond to a request for comment from Barron's.
U.S. Steel stock was up 7.3% at $36.79 in early trading Monday. The S&P 500 was down about 0.5% and the Dow Jones Industrial Average was up about 0.5%.
The bid comes days after President Biden blocked a $55 all-cash bid from Nippon Steel on national security grounds. U.S. Steel is suing to have that opinion overturned. It has also initiated litigation against Cleveland-Cliffs.
U.S. Steel also didn't immediately respond to a request for comment.
This is breaking news. Check back for updates.
Write to Al Root at allen.root@dowjones.com
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January 13, 2025 10:13 ET (15:13 GMT)
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