Cliffs is partnering with peer Nucor to prepare a potential bid for U.S. Steel, CNBC reported on Monday, citing sources. According to the report, Cleveland-Cliffs would purchase U.S. Steel in an all-cash deal and then sell the company's Big River Steel subsidiary to Nucor.

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.

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