In the wake of President Joe Biden blocking Nippon Steel's bid to buy U.S. Steel, Cleveland-Cliffs has renewed its offer to become the new owner of the once-mighty steel giant.

President Joe Biden on Jan. 3, 2025, issued a blocking order (the Order) addressing the proposed acquisition of United States Steel Corporation

"I have a plan, I have an all-American solution in place. The all-American solution centers on people, on workers," said Cleveland-Cliffs CEO Lourenco Goncalves.

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

The CEO of American-owned and operated Cleveland Cliffs says he’s putting in a bid to buy U.S. Steel. He says it’s not a matter of if, but rather when.

The CEO of Ohio-based steelmaker Cleveland Cliffs, said in a news conference Monday that he wanted to make a new bid for U.S. Steel, which accepted the buyout offer from Nippon in 2023 after it rejected an offer by Cleveland-Cliffs.

Cleveland-Cliffs offered the company roughly $7.3 billion for a buyout in July 2023, though it was rebuffed. In a lawsuit filed earlier last week, U.S. Steel and Nippon say Cleveland-Cliffs conspired with the United Steelworkers Union to put pressure on Biden and the regulatory process to steer the deal back into its hands.

Japan Prime Minister Shigeru Ishiba asked U.S. President Joe Biden to allay concerns in the Japanese and U.S. business communities over the status of Nippon Steel’s 5401.T planned acquisition of U.S.

Pompeo said that for the past several decades, Tokyo has been “amongst our greatest allies in the delivering security for the American people.”

U.S. Steel shares jumped Monday on a report that Cleveland-Cliffs is teaming up with rival Nucor for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was recently blocked by President Joe Biden.

The Biden administration has given U.S. Steel and Japan’s Nippon Steel an extra six months to ditch their merger, keeping the deal alive as litigation unfolds over whether a national security panel’s review of it was tainted by political considerations.

Nippon's offer to buy USS was $14 billion while, according to Cliff CEO Lourenco Goncalves, Cliffs' final bid was $13.8 billion. Before Biden killed the Nippon deal, a bipartisan group, including incoming President Donald Trump, also opposed the deal.