01:07 PM EST, 01/13/2025 (MT Newswires) -- (Updates with Nucor's ( NUE ) response in the fourth 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.

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

Shares of Cleveland-Cliffs ( CLF ) rose 1.8% in recent Monday trading, Nucor ( NUE ) advanced 3.1% and US Steel jumped 7.8% in recent 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: 10.35, Change: +0.45, Percent Change: +4.49