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