01:36 PM EST, 01/14/2025 (MT Newswires) -- (Updates with US Steel's response in the fourth and fifth paragraphs and recent share movements in final paragraph.)

Cleveland-Cliffs ( CLF ) is teaming up with Nucor ( NUE ) in a potential bid for US Steel (X), CNBC reported Monday, citing unnamed sources.

Cleveland-Cliffs ( CLF ) would buy all of US Steel for cash and then sell the Big River Steel unit to Nucor ( NUE ), the report said.

The per-share acquisition bid would be in the high $30s, the report said.

US Steel said in a statement emailed to MT Newswires that it remains committed to completing its merger agreement with Nippon Steel.

"Only Nippon Steel's partnership will deliver $55 per share to our shareholders and guarantee the significant capital investments and technology sharing needed to ensure a strong US Steel for generations to come and protect jobs," US Steel said.

Nucor ( NUE ) declined to comment when contacted by MT Newswires, while Cleveland-Cliffs ( CLF ) didn't immediately respond to a request for comment.

Shares of Cleveland-Cliffs ( CLF ) were off 0.9%, Nucor ( NUE ) was down 1.5% while US Steel was up 1.3% in recent Tuesday trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 10.40, Change: -0.09, Percent Change: -0.86