U.S. Steel (X) shares jumped Monday after a CNBC report that Cleveland-Cliffs (CLF) is teaming up with rival Nucor (NUE) for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was blocked by President Joe Biden recently.

Cleveland-Cliffs plans to acquire all of U.S. Steel in cash then divest the Big River Steel subsidiary to Nucor, CNBC reported. U.S. Steel’ꦓs headquarters would stay in Pittsburgh and the offer would be “in the high $30s a share,” according to the report. 

Nucor declined to remark on the report and Cleveland-Cliffs didn't immediately respond to a request for comment.

Nippon Steel had planned to buy U.S. Steel for 澳洲幸运5官方开奖结果体彩网:$55 per share. Over the weekend, the Japanese steel producer received an 澳洲幸运5官方开奖结果体彩网:extension on the 𒆙dead🔥line on when it has to abandon that bid.

Cleveland-Clif🐼fs H𒁃ad Tried to Buy US Steel in 2023

Cleveland-Cliffs had 澳洲幸运5官方开奖结果体彩网:offered to buy U.S. Steel in 2023 and backed out after the Nippon deal was announced in December of that year. The Ohio-based comp🌳any's initial offer had the support of the United Stꦺeelworkers and less pushback from Washington, which has been pushing for a domestic buyer.

U.S. Steel and Nippon Steel said last week they are suing the U.S. government over the blocked deal. The companies also announced a separate suit against Cleveland-Cliffs, the company’s CEO Lourenco Goncalves, and Allied Industrial and Service Workers International Union President David McCall, alleging they “coordinated actions” to prevent their merger.

U.S. Steel shares rose over 9% to $37.49 in intraday trading Monday, though despite Monday's gains, they've lost more than a fifth of their value in the past 12 months.