Cleveland-Cliffs Said in Talks to Buy US Plants of Russia’s NLMK

Cleveland-Cliffs Inc. is in talks to acquire the US Midwest assets of Russia’s largest steelmaker Novolipetsk Steel PJSC, according to people familiar with the matter.

New York-listed Cliffs has expressed interest in a potential deal to NLMK, as the steelmaker is also known, the people said, asking not to be identified because the matter is private. Some of the people said that Cliffs has signed a non-disclosure agreement.The assets, which consists of steel-mill facilities in Indiana and Pennsylvania, could be valued at more than $500 million in a potential sale, they added.

If negotiations are successful, it would mark ...