The initial dust has settled after the announcement of Cleveland-Cliffs’ (CLF) purchase of AK Steel (AKS), and it’s high time to look at the financials of the combined company, which is especially important because Cliffs is buying a company that is financially weaker.
Cliffs finished the third quarter with $399.3 million of cash, $606.1 million of working capital, long-term debt of $2.1 billion and pension obligations of $233.2 million. AK Steel had $30.8 million of cash, $1.06 billion of working capital, $1.97 billion of long-term debt and $785 million of pension