ArcelorMittal U.S. Properties Acquired in $1.4B Deal
Cleveland-Cliffs Inc. is acquiring the U.S. assets of ArcelorMittal. (photo courtesy: ArcelorMittal)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCleveland-based steelmaker Cleveland-Cliff Inc. (NYSE: CLF) has acquired ArcelorMittal USA LLC, including several Indiana plants, in a cash and stock deal valued at $1.4 billion.
ArcelorMittal, which is based in Europe, operates more than 20 facilities in the U.S., including steel mills in Burns Harbor and Indiana Harbor and a plating facility in Gary. The company also has a partial interest of I/N Tek-I/N Kote, a steel finish mill in St. Joseph County.
ArcelorMittal is the largest steel manufacturer in North and South America, according to the company.
The deal will make Cleveland-Cliffs the largest flat-rolled steel producer in North America, according to a press release.
“The acquisition of ArcelorMittal USA amplifies our position in the discerning automotive steel marketplace, and further improves our position in important U.S. markets such as construction, appliances, infrastructure, machinery and equipment,” said Lourenco Goncalves, president and chief executive officer of Cleveland-Cliffs. “It also adds to our strong legacy raw material profile and growing finishing capabilities. The transaction will enable us to become a more efficient fully-integrated steel system, with the ability to realize all of our operational and financial goals.”
The agreement is expected to close within the fourth quarter of this year.