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Steel giant ArcelorMittal to sell US business in $1.4B deal

September 28, 2020
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ArcelorMittal’s U.S. operations, which include Indiana Harbor, the largest integrated steelmaking facility in North America, will be sold to Cleveland-Cliffs for $1.4 billion in cash and stock.



a train on a track with smoke coming out of it: The ArcelorMittal plant, shown June 26, 2018, in Burns Harbor, Indiana, is 20 miles from Chicago.


© Zbigniew Bzdak/Chicago Tribune/TNS
The ArcelorMittal plant, shown June 26, 2018, in Burns Harbor, Indiana, is 20 miles from Chicago.

The transaction, announced early Monday, will make Cleveland-Cliffs the largest flat-rolled steel producer and largest iron ore pellet producer in North America.

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The deal involves almost 20 facilities in eight states, including five in northwest Indiana — the Indiana Harbor and Burns Harbor mills as well as three finishing plants, two of which are joint ventures with Nippon Steel. It also includes a compact strip mill in Riverdale, Illinois.

Almost 3,800 people work at Indiana Harbor, which opened more than 100 years ago and is spread over more than 3,000 acres in East Chicago, Indiana, according to ArcelorMittal’s website. Burns Harbor,

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Cleveland-Cliffs buys ArcelorMittal’s US business for $1.4b

September 28, 2020
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  • The Logo of the steel company ArcelorMittal is pictured in Saint Denis, outside Paris, France, Wednesday, Sept. 13, 2017. Cleveland-Cliffs is making its second billion-dollar acquisition in less than a year with the purchase of steel maker ArcelorMittal's U.S. business for about $1.4 billion in cash and stock. About a third of the deal will be an up front cash payment of about $505 million, the companies said Monday, Sept. 28, 2020. ArcelorMittal will also receive stock in Cleveland-Cliffs valued at about $873 million. Photo: Michel Euler, AP / Copyright 2017 The Associated Press. All rights reserved.
    The Logo of the steel company ArcelorMittal is pictured in Saint Denis, outside Paris, France, Wednesday, Sept. 13, 2017. Cleveland-Cliffs is making its second billion-dollar acquisition in less than a year with the purchase of steel maker ArcelorMittal’s U.S. business for about $1.4 billion in cash and stock. About a third of the deal will be an up front cash payment of about $505 million, the companies said Monday, Sept. 28, 2020. ArcelorMittal will also receive stock in Cleveland-Cliffs valued at about $873 million. less
    The Logo of the steel company ArcelorMittal is pictured in Saint Denis, outside Paris, France, Wednesday, Sept. 13, 2017. Cleveland-Cliffs is making its second billion-dollar acquisition in less than a year … more


    Photo: Michel Euler, AP

The Logo of the steel company ArcelorMittal is pictured in Saint Denis, outside Paris, France, Wednesday, Sept. 13, 2017. Cleveland-Cliffs is making its second billion-dollar acquisition in less
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Cleveland-Cliffs buys ArcelorMittal’s US business for $1.4b

September 28, 2020
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CLEVELAND (AP) — Cleveland-Cliffs is making its second billion-dollar acquisition in less than a year with the purchase of steel maker ArcelorMittal’s U.S. business for about $1.4 billion in cash and stock.

About a third of the deal will be an up front cash payment of about $505 million, the companies said Monday. ArcelorMittal, based in Luxembourg, will also receive stock in Cleveland-Cliffs valued at about $873 million.

In return the Cleveland iron ore mining company will get six steelmaking facilities, eight finishing facilities, two iron ore mining and pelletizing operations, and three coal and coke making operations.

The deal is expected to close in the fourth quarter of 2020 and will make Cleveland-Cliffs the largest producer of flat-rolled steel and iron ore pellet in North America, the company said.

“The acquisition of ArcelorMittal USA amplifies our position in the discerning automotive steel marketplace, and further improves our position in

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