Cleveland-Cliffs to Acquire ArcelorMittal

The deal is worth roughly $1.4 billion. 

ST. LOUIS COUNTY, Minn. – Cleveland Cliffs has announced it has entered into a definitive agreement with ArcelorMittal to acquire all of the operations of ArcelorMittal and its subsidiaries.

The deal is worth roughly $1.4 billion.

Once the deal closes, Cleveland-Cliffs will be the largest flat-rolled steel producer in North America.

The company will also be the largest iron ore pellet producer in North America with 28 million long tons of annual capacity.

The transaction has been approved by the board of directors of both companies and is expected to close in the fourth quarter of 2020.

Lourenco Gonclaves, President and CEO of Cleveland-Cliffs will lead the expanded organization.

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