Cleveland-Cliffs Completes Acquisition of ArcelorMittal USA

Cleveland-Cliffs has finalized the acquisition of ArcelorMittal USA and its subsidiaries, creating the largest flat-rolled steel producer in North America. As agreed, ArcelorMittal received $505 million in cash and 78 million shares of Cleveland-Cliffs common and non-voting preferred stock, redeemable for 58 million shares of  common stock or equivalent cash. In return, Cleveland-Cliffs assumes all liabilities of ArcelorMittal USA including approximately $500 million in net liability as well as pensions and other post-employment benefit liabilities.

The deal includes ArcelorMittal USA’s shares of In/Tek and I/N Kote and an additional $183 million buyout of Nippon’s Steel’s remaining shares in the joint ventures. The ArcelorMittal/Nippon partnership will continue to be an important client for Cleveland-Cliffs, providing automotive grade slabs from the new rolling mill at AM/NS Calvert.