Cleveland-Cliffs Eyeing U.S. Steel after Nippon Steel Bid Nixed

New York, Jan. 13 (Jiji Press)--Cleveland-Cliffs Inc. CEO Lourenco Goncalves on Monday expressed eagerness to acquire industry rival United States Steel Corp., following U.S. President Joe Biden's order blocking an acquisition bid by Nippon Steel Corp.

According to U.S. broadcaster CNBC, Cleveland-Cliffs is considering partnering with industry peer Nucor Corp. for the buyout proposal, in which it is expected to offer around 35 to 40 dollars a share.

Under the plan, Cleveland-Cliffs would sell an electric furnace steelmaker now under U.S. Steel to Nucor in order to allay concerns about antitrust law violations and make it easier to receive approval from authorities.

The planned offer, however, is lower than 55 dollars per share proposed by Nippon Steel. In addition, the Japanese steelmaker has filed a lawsuit against Cleveland-Cliffs for allegedly interfering with its bid to buy U.S. Steel in an illegal manner.

In a press conference Monday, Goncalves blasted Japanese Prime Minister Shigeru Ishiba's call for Biden to explain his rejection of Nippon Steel's plan.

[Copyright The Jiji Press, Ltd.]