Cleveland-Cliffs Inc. completes purchase of ArcelorMittal USA • Northwest Indiana Business Magazine

Cleveland-Cliffs Inc. completes purchase of ArcelorMittal USA

The steel stop at ArcelorMittal Indiana Harbor in East Chicago is the company’s largest integrated mill in the U.S. (Photo provided by ArcelorMittal)

Steelmaker Cleveland-Cliffs Inc. announced Dec. 9 it closed its $1.4 billion purchase of ArcelorMittal USA LLC.

Cleveland-Cliffs said previously that the addition of ArcelorMittal USA’s operations creates “the largest flat-rolled steel producer in North America.” The deal was announced in late September.

“The acquisition by Cleveland-Cliffs of ArcelorMittal USA, boosted by our buyout of Nippon Steel from the I/N Tek and I/N Kote joint ventures, opens a new chapter in the history of the steel business in the United States,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs Inc. “The assets we have acquired will be combined with our existing footprint, including AK Steel, Precision Partners, AK Tube, several mining and pelletizing facilities, our Research & Development Center, and the most modern Direct Reduction plant in the world, which we have just started to operate in Toledo, Ohio.”

Under the terms of the sale, ArcelorMittal received $505 million cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock, which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash.  


  • Larry Avila

    Larry is an award-winning journalist with more than 25 years of experience working with daily newspapers and business-to-business publications around the Midwest. Avila is a Michigan native and a graduate of Central Michigan University.

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