Cleveland-Cliffs has completed its acquisition of ArcelorMittal USA, creating the largest flat-rolled steel producer in North America. The deal, announced in late September and closed on 9 December, brings together Cliffs' iron ore mines with ArcelorMittal's US mills, which were renamed Cleveland-Cliffs Steel. On a full-year 2019 basis, the combined company generated pro-forma revenues of about $17 billion and adjusted EBITDA of about $1.7 billion, including expected synergies. In a related transaction, Cliffs also bought Nippon Steel's remaining stakes in the I/N Tek and I/N Kote finishing joint ventures for about $183 million, taking full ownership of both. The acquisition capped a year of transformation for Cliffs, which also bought AK Steel and started up a new direct-reduction iron plant in Toledo, Ohio, turning the former iron ore miner into a fully integrated steelmaker focused heavily on the automotive market.
Source: Cleveland-Cliffs — https://www.clevelandcliffs.com/_assets/_af66d43b11de87ea61215bf484d8f8bf/clevelandcliffs/news/2020-12-09_Cleveland_Cliffs_Inc_Completes_Acquisition_of_8.pdf
Photo: Wikimedia Commons (freely licensed).