It’s officially the end of an era. Cleveland-Cliffs, the 173-year-old iron ore mine operator that is becoming America’s largest flat-rolled steel producer in North America, has closed on a deal to acquire ArcelorMittal USA for $1.4 billion.
It’s been called a blockbuster deal that “opens a new chapter in the history of the steel business in the United States.”
The Cleveland-based company will take over most of ArcelorMittal USA’s assets, including its steel mills along the South Shore of Lake Michigan in Northwest Indiana.
It will become the new owner of ArcelorMittal Indiana Harbor East and West in East Chicago, ArcelorMittal Burns Harbor in Porter County, ArcelorMittal Riverdale just across the state line in Illinois, and ArcelorMittal’s Gary heat treat and rolling facilities inside the Gary Works steel mill.
Cleveland-Cliffs also is buying ArcelorMittal’s I/N Tek and I/N Kote finishing lines in New Carlisle outright, which ArcelorMittal owned and operated as a joint venture with Japan-based Nippon Steel.
For the rest of this article: https://www.nwitimes.com/business/local/cleveland-cliffs-closes-on-blockbuster-arcelormittal-usa-deal-ushering-in-a-new-era-for-regions/article_b3fc6c52-19bb-5fbe-884c-4a4a03a133b0.html