U.S. Steel (X) shares jumped Monday after a CNBC report that Cleveland-Cliffs (CLF) is teaming up with rival Nucor (NUE) for a potential bid for the company, whose $14.1 billion buyout by Nippon Steel was blocked by President Joe Biden recently.
Cleveland-Cliffs is partnering with peer Nucor to prepare a potential bid for U.S. Steel , CNBC reported on Monday, citing sources.
CNBC's David Faber delivers his latest Faber Report.
Cleveland-Cliffs partnering with Nucor on potential bid for U.S. Steel, sources say
The new $200 million Utah plant will be built on NUE's existing Brigham City location and is projected to employ 200 full-time workers.
Let's see if it's time to buy Nucor (NUE) stock for a rebound after falling more than 30% over the last year.
It is hard to find good dividend stocks that operate in cyclical industries. That doesn't mean it can't be done, however.
In the most recent trading session, Nucor (NUE) closed at $115.78, indicating a -1.85% shift from the previous trading day.
The main cause of the expected decline in NUE's Q4 profitability is the steel mills segment's lower earnings due to lower volumes and average selling prices.
Shares of Nucor Corporation NUE are falling on Friday. This follows Thursday's drop of more than 5%.
Since commencing dividends in 1973, NUE has increased its regular or base dividend for 52 years in a row.