Cleveland-Cliffs has successfully completed the acquisition of all the operations of ArcelorMittal USA and its subsidiaries, forming the largest flat-rolled steel producer in North America.

In December 2020, the company completed the acquisition of ArcelorMittal USA and its subsidiaries.

Cleveland-Cliffs also acquired the interests of ArcelorMittal USA and Nippon Steel Corporation in I/N Tek and I/N Kote, becoming their sole owner. I/N Tek and I/N Kote generated a combined $121 million of adjusted EBITDA in 2019.

Lourenco Goncalves, Chairman, President and Chief Executive Officer said, “The assets we have acquired will be combined with our existing footprint, including AK Steel, Precision Partners, AK Tube, several mining and pelletizing facilities, our Research & Development Center, and the most modern Direct Reduction plant in the world, which we have just started to operate in Toledo, OH.”

Cleveland-Cliffs has been traditionally recognized as the largest and oldest independent iron ore mining company in the United States. In March 2020, Cleveland-Cliffs acquired AK Steel, the only U.S. producer of grain-oriented steel of the type used in transformer manufacturing.

Source: Cleveland-Cliffs