Another company eyes buying US Steel if Nippon deal falls through

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Another company eyes buying US Steel if Nippon deal falls through
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Nippon and U.S. Steel filed a federal lawsuit against Biden last week over his decision to prevent them from joining forces.

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Steelmaker Cleveland-Cliffs on Monday indicated interest in acquiring U.S. Steel, less than two weeks after President Joe Biden blocked Japan-based Nippon Steel’s bid to buy the embattled American company, citing national security concerns.

“We can’t do anything until U.S. Steel makes the decision to abandon its merger with Nippon Steel,” Goncalves said. “Our hands are tied.” Cleveland-Cliffs would offer to purchase U.S. Steel for a per-share price in the “high-30s,” CNBC reported, slightly higher than its closing price Friday and less than the $55 a share Nippon Steel offered for the company. U.S. Steel’s shares jumped more than 8 percent Monday morning after the news.

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Nippon Steel-US Steel Merger Referred to Biden for DecisionNippon Steel-US Steel Merger Referred to Biden for DecisionThe potential merger between Nippon Steel and US Steel has been sent to President Joe Biden for a final decision after a deadlock in the CFIUS review.
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