Cleveland-Cliffs (CLF) CEO Lourenco Goncalves tells Semafor in an interview that he has lined up financing for a U.S. Steel (X) takeover bid in the $8B range, Rohan Goswami reports. Goncalves declined to specify which banks had committed to the bid, which is below what Nippon Steel (NPSCY) is offering, but sources say he has been working with advisers from Moelis (MC), JPMorgan (JPM), UBS (UBS), Truist (TFC) and Wells Fargo (WFC) on a proposal in the high $30s. Cleveland-Cliffs has been working with Nucor (NUE) on a bid that would carve up U.S. Steel, according to people familiar with the matter.
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