10:52 AM EDT, 05/28/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) is negotiating to purchase the US Midwest assets of Russia's steelmaker Novolipetsk Steel, Bloomberg said Tuesday, citing people familiar with the situation.

Cleveland-Cliffs ( CLF ) has reportedly signed a non-disclosure agreement for a potential acquisition of assets including steel mill facilities in Indiana and Pennsylvania, which could be valued at over $500 million, according to the news outlet.

Discussions between Cleveland-Cliffs ( CLF ) and Novolipetsk could still be delayed or fall apart.

Representatives for both companies declined Bloomberg's comment requests.

Cleveland-Cliffs ( CLF ) and Novolipetsk did not immediately respond to MT Newswires' request for comment.

(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.)

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