Steel Mills
February 20, 2020
AK Steel Acquisition to Transform Cleveland-Cliffs
Written by Sandy Williams
“Transformational” is what Cleveland-Cliffs CEO Lourenco Goncalves called the acquisition of AK Steel in remarks during the Q4 2019 earnings call Thursday. “With the acquisition of AK Steel, Cleveland-Cliffs becomes the most relevant supplier of steel to the automotive industry in the United States, fully integrated from iron ore in the ground to auto parts as a Tier 1 supplier of finished parts used in the assembly line of the car manufacturers,” he said.
Cliffs and AK Steel will also be ideally poised to participate in the electric vehicle market, he said. “With AK Steel’s unique technical expertise, we are the best positioned company to supply what’s needed for this change of the fleet from traditional combustion engines to EVs.”
