Steel Products
September 28, 2020
Cleveland Cliffs to Acquire ArcelorMittal USA
Written by Sandy Williams
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire all of the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion. The deal is expected to close in the fourth quarter of 2020.
The ArcelorMittal assets include six steelmaking facilities, eight finishing facilities, two iron ore mining and pelletizing operations and three coal and coke-making operations. Lourenco Goncalves, Chairman of the Board, President and CEO of Cleveland-Cliffs, will lead the expanded organization, which includes AK Steel, acquired earlier this year.
