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(Reuters) – Cleveland-Cliffs is partnering with Acha. Nucor (NYSE: ) to prepare a potential bid for US Steel, a person familiar with the matter told Reuters on Monday.
Cleveland-Cliffs (NYSE: ) will buy US Steel in an all-cash deal, with a discount of as much as $30 per share, the person said. US Steel then sells its Big River Steel subsidiary to Nucor.
U.S. Steel’s headquarters will remain in Pittsburgh under the deal.
US Steel shares were up nearly 7% in afternoon trading.
The move comes after the Biden administration ordered Nippon Steel to delay its $14.9 billion bid for American Steel until June.
The news was first reported by CNBC.
Nucor declined to comment, while Cleveland-Cliffs, US Steel and Nippon Steel did not immediately respond to a Reuters request for comment.
