Cleveland-Cliffs (CLF) continues to be interested in purchasing some or all of U.S. Steel (X), though the bidding war it started has now driven the price too high, Semafor’s Rohan Goswami reports, citing people familiar with the matter. The smaller U.S. steel producer submitted a roughly $10B unsolicited cash-and-stock offer in 2023, though Nippon Steel (NPSCY) ended up producing a better deal, the author says, noting that the U.S. government blocked the $14B deal in recent weeks on national security grounds.
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