Cleveland-Cliffs is partnering with Nucor to weigh a potential joint bid for United States Steel, according to a person familiar with the matter. Cliffs’ top boss later confirmed his interest in the American steelmaker at a press event.

The companies are considering an offer that would involve Cleveland-Cliffs acquiring most of U.S. Steel and Nucor taking its so-called mini-mill assets, said the person, who asked to not be identified because the details aren’t public. A final decision hasn’t been made and the companies could still opt against pursuing a deal, the person said.

U.S. Steel didn’t respond to requests for comment. Nucor declined to comment.

U.S. President Joe Biden this month blocked Nippon Steel’s $14.1 billion takeover of U.S. Steel on national security grounds. The companies subsequently filed a pair of lawsuits in a last-ditch effort to preserve the merger.

Cliffs was among several steelmakers that participated in the auction for U.S. Steel in 2023, but it was outbid by 91AV原创 Nippon Steel.

Talk of a fresh U.S. Steel takeover involving Cliffs was part of a wide-ranging news conference by Chief Executive Officer Lourenco Goncalves on Monday. The CEO said once Nippon Steel’s deal is abandoned “we’re going to work.”

Cliffs’ plan would include adopting the U.S. Steel name and moving its headquarters to Pittsburgh, he said.

“I want to buy. I have a plan,” Goncalves said at a gathering in Pennsylvania. “I have an all-American solution in place.”

The CEO said in a later interview that he’d fund any U.S. Steel deal with debt, while declining to give further details.

A potential joint bid for U.S. Steel involving Nucor was first reported by CNBC, which said the companies were considering an offer in the high $30 per share range.

Shares of U.S. Steel rose more than 10% after the CNBC report, to $37.75 — still well below Nippon Steel’s $55-a-share offer. Cliffs shares climbed as much as 6% while Nucor shares were up as much as 4.6%.