Cleveland-Cliffs partnering with Nucor on potential bid for U.S. Steel, sources say

Group 1 - Cleveland Cliffs is partnering with Nucor in a potential bid for U.S. Steel after the White House blocked Nippon Steel's takeover attempt [1][2] - The proposed offer for U.S. Steel is expected to be in the high $30s per share, with plans to sell off the Big River Steel subsidiary to Nucor [2] - U.S. Steel's headquarters will remain in Pittsburgh following the acquisition [2] Group 2 - U.S. Steel shares closed at $34.24 per share, indicating the market's current valuation prior to the potential acquisition [3] - President Biden's administration blocked Nippon Steel's over $14 billion bid for U.S. Steel due to national security concerns [3] - The deadline for Nippon Steel to cease its pursuit of U.S. Steel has been extended until June as both companies challenge the merger block [2]