Cleveland-Cliffs, North America’s largest producer of iron ore pellets, acquires AK Steel

CLEVELAND — Cleveland-Cliffs, North America’s largest producer of iron ore pellets, and AK Steel, a leading producer of innovative flat-rolled carbon and stainless-steel products, have announced that they have entered into a definitive merger agreement, according to a release from Cliffs Inc. Founded in 1847, Cleveland-Cliffs is the largest and oldest independent iron ore mining company in the United States. AK Steel, located in West Chester, in Greater Cincinnati, has approximately 9,500 employees in operations in Mexico, U.S. and Canada. Under the terms of the agreement, Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock. AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company. Flooring Steel Bar Grating “We are excited to be able to deliver real value to the shareholders of both Cliffs and AK Steel through a value enhancing and leverage-neutral transaction,” said Lourenco Goncalves, Chairman of the Board, President and CEO of Cliffs. “By combini...

The “Galvanized Structure Steel Market” report presents a precise analysis of the various trends and parameters

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