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.

US Steel (NYSE:X) jumped 6.5% amid a report that Cleveland-Cliffs (CLF) is partnering with Nucor Corp. (NUE) for a potential bid for the steelmaker in the high $30s a share in cash. Cleveland-Cliffs (CLF) would purchase all of US Steel (NYSE:X) and would sell Big River Steel to Nucor (NUE),

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. Cliffs’ top boss later confirmed his interest in the American steelmaker at a press event.