Steel Mills
December 4, 2019
Cleveland-Cliffs to Acquire AK Steel
Written by Sandy Williams
Cleveland-Cliffs and AK Steel Holdings surprised the market this morning, announcing the merger of their two companies. Under a definitive merger agreement, Cleveland-Cliffs will acquire all the issued and outstanding stock of AK Steel at $3.35 per share or $1.1 billion.
Cliffs Chairman and CEO Lourenco Goncalves will lead the expanded organization and AK Steel CEO Roger Newport will retire. The AK Steel brand name will remain and the company will maintain a significant presence at the West Chester, Ohio, headquarters. The expanded company will be administered through the headquarters at Cleveland-Cliffs in Cleveland, Ohio.
