---
title: "Cleveland Cliffs and Nucor Launch Fresh Bid for US Steel Following Biden Block on Nippon Deal"
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2025-01-15T04:31:48+00:00"
modified: "2025-01-14T17:38:44+00:00"
date: 2025-01-15
canonical: "https://stockmark.it/cleveland-cliffs-and-nucor-launch-fresh-bid-for-us-steel-following-biden-block-on-nippon-deal/"
category: "Manufacturing"
categories: ["Manufacturing", "US"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-58-2.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Cleveland Cliffs and Nucor Launch Fresh Bid for US Steel Following Biden Block on Nippon Deal

**Published:** January 15, 2025
**Author:** Stockmark.IT Website
**Categories:** Manufacturing, US
**Featured image:** ![Row of large white industrial storage tanks under a cloudy sky. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-58-2.jpg?fit=1200%2C800&quality=89&ssl=1)

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US steel giants Cleveland-Cliffs and Nucor are poised to make a joint bid for US Steel, mere weeks after President Joe Biden vetoed Nippon Steel’s proposed £15bn acquisition on national security grounds.

The strategic partnership sees Cleveland-Cliffs planning to acquire US Steel entirely through a cash transaction, with Nucor subsequently purchasing the target’s Big River Steel division. Industry sources indicate Cleveland-Cliffs intends to table an offer below $40 per share, marking a substantial reduction from Nippon Steel’s previous $55 per share agreement.

Nucor, North America’s dominant steel producer, initially explored backing from US Steel shareholders regarding a potential approach for the organisation’s electric furnace assets before aligning with Cleveland-Cliffs on the joint venture.

The announcement follows a controversial press conference where Cleveland-Cliffs’ CEO Lourenco Goncalves delivered pointed criticism towards Japan, stating “China is bad. China is evil. China is horrible. But Japan is worse.” His remarks drew swift condemnation from US Steel representatives, who labelled them an attempt to deflect attention from alleged “illegal, monopolistic conspiracies.”

US Steel and Nippon Steel maintain their commitment to their original deal, having filed legal action against what they term “unlawful political interference” by the Biden administration. The companies have also initiated litigation against Cleveland-Cliffs, Goncalves, and United Steelworkers union president David McCall, citing alleged collusion to obstruct the transaction.

The US government’s recent extension of the deal abandonment deadline to 18 June offers a glimmer of hope for the Nippon Steel transaction, though President-elect Trump’s known opposition to foreign ownership of US Steel suggests a challenging path forward for any international acquisition attempts.

 

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**Original URL:** https://stockmark.it/cleveland-cliffs-and-nucor-launch-fresh-bid-for-us-steel-following-biden-block-on-nippon-deal/
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