Cleveland-Cliffs is teaming up with Nucor in a potential bid for US Steel, sources say

cleveland cliffs It is a partnership with a competitor Nocor In a possible attempt to United States steelwhose acquisition by Japanese company Nippon Steel was blocked by the White House earlier this month, sources told CNBC. David Faber.

Cleveland-Cliffs will buy all of US Steel for all cash and then sell Nucor’s Big River Steel, the sources said. US Steel’s headquarters will remain in Pittsburgh under the deal.

The offer will be at a high stake of $30. Nippon had planned to buy US Steel for $55 per share in a deal worth more than $14 billion.

Shares of US Steel jumped more than 8% on Monday to $37.15 per share.

Over the weekend, the White House extended the deadline Nippon To end its prosecution of US Steel permanently until June, the companies file a lawsuit in federal court against the president Joe Biden‘s A decision to block the deal.

US Steel and Nippon also filed a separate lawsuit against Cleveland-Cliffs, its CEO Lourenco Goncalves, and United Steelworkers President David McCall, alleging they colluded to block the deal. Shares of Cleveland-Cliffs and Nucor rose about 3% each on Monday.

Biden’s decision to block the sale came after a review by the Committee on Foreign Investment in the United States, but the president has made clear for months that he believes US Steel should remain a US-owned company.

Biden cited national security concerns in his Jan. 3 decision, saying a strong domestic steel industry is critical to U.S. supply chains. US Steel and Nippon confirmed that the deal is in the interest of workers and national security by strengthening the steel industry in the face of threats from China.

US Steel CEO David Burritt called the president-elect Donald Trump retracts Biden’s decision To prevent a sale when he takes office later this month. Trump also opposed Nippon’s acquisition of US Steel.

US Steel closed Friday at $34.24 per share.