In January 2025, the battle for U.S. Steel has intensified. After President Joe Biden blocked a $14.1 billion acquisition bid by Japan's Nippon Steel citing national security concerns, American steelmakers Cleveland-Cliffs and Nucor are now exploring a joint bid for the company.

Cleveland-Cliffs plans to acquire U.S. Steel at less than $40 per share and sell its Big River Steel division to Nucor. Nippon Steel had previously offered $55 per share, but the deal was halted by the Biden administration. Nippon Steel’s president expressed disappointment, highlighting the potential environmental benefits of the merger, while Cleveland-Cliffs’ CEO praised the decision as a victory for American workers.

Complicating matters, incoming President Donald Trump has also voiced opposition to foreign ownership of U.S. Steel. Nippon Steel and U.S. Steel have filed lawsuits challenging the blocked deal, accusing Cleveland-Cliffs and unions of conspiring to obstruct the merger.

U.S. Steel shares have surged over 9%, reaching $37.49, but remain down more than 20% over the past year. The outcome of this struggle is set to reshape the U.S. steel industry and impact the broader economy.