Cliffs is partnering with peer Nucor to prepare a potential bid for U.S. Steel, a person familiar with the matter told Reuters on Monday. Cleveland-Cliffs would purchase U.S. Steel in an all-cash deal,

Joint bid for U.S. Steel assets would have Cleveland-Cliffs acquiring blast furnace mills and Nucor taking over Big River Steel, according to CNBC and Bloomberg.

Cleveland-Cliffs Inc. is partnering with Nucor Corp. to weigh a potential joint bid for United States Steel Corp., according to a person familiar with the matter.