Cleveland-Cliffs is discussing joining with Nucor on a possible bid for U.S. Steel that is still likely months away from happening, according to people familiar with the matter. U.S. Steel had planned to sell itself to Japanese steelmaker Nippon Steel,

The move by Cleveland-Cliffs comes after the Biden administration blocked the U.S. Steel-Nippon tie-up on national security grounds.

An offer would involve Cleveland-Cliffs acquiring most of U.S. Steel and Nucor taking its so-called mini-mill assets, a source says.