The virtuous man contents himself with dreaming that which the wicked man does in actual life.”
- Sigmund Freud
On December 3rd, iron producer Cleveland Cliffs (CLF) announced it was purchasing/merging with steel maker AK Steel (AKS) in a $1.1 billion all-stock transaction, which included the assumption of the latter's approximately $2.25 billion in debt obligations. The announcement of this vertical acquisition initially sent the stock of Cleveland Cliffs down more than 10% as the news hit, while slightly boosting the shares of AK Steel.
Since then, the stock has