CLEVELAND, Ohio – The iron-ore mining company, Cleveland-Cliffs Inc., has acquired the U.S. assets of ArcelorMittal, the world’s largest steelmaker, for $1.4 billion in cash and stock, the companies announced Monday.
The acquisition means Cleveland-Cliffs will become the largest flat-rolled steel producer in the country, and the largest producer of iron-ore pellets, the company said.
The deal comes just months after Cleveland-Cliffs purchased AK Steel Holding Corp. for $1.1 billion in stock.
Cleveland-Cliffs’ history in Cleveland dates back to 1847. The company supplies iron ore pellets to the North American steel industry from its mines and pellet plants in Michigan and Minnesota.
ArcelorMittal said in statements that it expects to take in $1.4 billion, with about a third of that, or $505 million, upfront in cash.