CLF - Cleveland-Cliffs Continues Steel Consolidation With Purchase of ArcelorMittal
Iron-ore mining company Cleveland-Cliffs (NYSE: CLF) took another step in transforming itself into a fully integrated steelmaker with the announcement that it is acquiring the U.S. operations of global steel giant ArcelorMittal (NYSE: AM) . In December 2019, Cleveland-Cliffs announced it was purchasing integrated U.S. steel producer AK Steel.
Today's announcement makes Cleveland-Cliffs the largest producer of flat-rolled steel in North America. The company will pay $1.4 billion for ArcelorMittal, including $505 million in cash, and will incur pension and other post-employment benefit liabilities, bringing the total deal value to about $3.3 billion.
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Cleveland-Cliffs Continues Steel Consolidation With Purchase of ArcelorMittal