Cleveland-Cliffs buys ArcelorMittal US assets for $1.4bln

Cleveland-Cliffs has reached a definitive agreement to buy ArcelorMittal USA and its subsidiaries for around $1.4 billion, which will make it the largest flat-rolled steel producer in the country, the company said on Monday September 28.

The deal included the steel making operations of Indiana Harbor, Burns Harbor, Cleveland, Coatesville, Steelton, and Riverdale, as well as finished steel units Columbus, Conshohocken, Gary Plate, Piedmont, and Weirton and ArcelorMittal's share in the Double G. Coatings, I/N Tek and I/N Kote joint ventures, the US-headquartered iron ore and steel producer said.

Cleveland-Cliffs will also buy the mining activities at Minorca and ArcelorMittal’s stake in the Hibbing joint venture. The company said that it will...

Published

Renato Rostás

September 28, 2020

12:46 GMT

São Paulo