Cleveland-Cliffs announces new major deal

Published: Sep. 28, 2020 at 5:09 AM EDT
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CLEVELAND, Ohio. (WLUC) - Cleveland-Cliffs announces another major deal.

Cleveland-Cliffs will buy the U.S. operations of Arcelor Mittal for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer and the largest iron ore pellet producer in North America.

Cleveland-Cliffs will pay about $873 million of common and non-voting preferred stock, and $505 million in cash.

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

Cleveland-Cliffs also acquired AK Steel back in march.

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