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Cleveland-Cliffs Triples Down on America

September 30, 2020

The American steel industry has been through a rough patch for most of the past decade, with the exception of 2018, when the passage of the Tax Cuts and Jobs Act along with steel tariffs boosted U.S. steel prices for a bit. However, the party didn’t last long, as oversupply and the U.S.-China trade war plunged the industry into a recession soon after. The big steel bust in late 2018 and 2019 has continued into 2020 with the COVID-19 crisis.

However, U.S. iron ore producer, and now integrated steelmaker, Cleveland-Cliffs (NYSE: CLF), is betting big on a turnaround. After buying AK Steel Holding back in late 2019, Cleveland-Cliffs just inked its second large acquisition within a year, agreeing to buy the U.S. operations of ArcelorMittal (NYSE: MT) in a cash-and-stock deal that will create the largest flat-rolled integrated steel producer in the U.S.

Here’s the rationale behind the acquisition,

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. 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

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

Cleveland-Cliffs, TikTok, Trump, Caesars – 5 Things You Must Know Monday

September 28, 2020

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Here are five things you must know for Monday, Sept. 28:

a man standing in front of a building talking on a cell phone: Cleveland-Cliffs, TikTok, Trump, Caesars - 5 Things You Must Know Monday

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Cleveland-Cliffs, TikTok, Trump, Caesars – 5 Things You Must Know Monday

1. — Stock Futures Point to Higher U.S. Open

Stock futures were rising Monday as U.S. politics come into focus ahead of the first presidential debate Tuesday between U.S. President Donald Trump and Democratic candidate Joe Biden.

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Also weighing on investors’ minds was the failure of lawmakers to complete a stimulus relief package before the Nov. 3 presidential election. Wall Street also was paying attention to a report from The New York Times that said Trump paid just $750 in U.S. income taxes in both 2016 and 2017.

Contracts linked to the Dow Jones Industrial Average gained 231 points, S&P 500 futures were up 27 points and Nasdaq futures rose 125 points.

Stocks finished higher Friday but the gains weren’t enough to prevent the

ArcelorMittal in talks to merge U.S. assets with Cleveland-Cliffs

September 27, 2020

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By Greg Roumeliotis

a sign on the side of a building: The logo of steel factory ArcelorMittal is pictured in Seraing

© Reuters/Francois Lenoir
The logo of steel factory ArcelorMittal is pictured in Seraing

(Reuters) – ArcelorMittal SA , the world’s largest steelmaker, is exploring a deal to merge its U.S. operations with Cleveland-Cliffs Inc , the largest U.S. producer of iron ore pellets, people familiar with the matter said on Sunday.

The combination would signal a new push among steelmakers to consolidate and diversify their business, making it less vulnerable to swings in demand. It would come after Cleveland-Cliffs acquired AK Steel, a U.S. maker of flat-rolled carbon steels, including stainless steel, for $3 billion, including debt, last March.

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The latest deal could result in the merger of U.S. assets of Luxembourg-based ArcelorMittal that are worth between $2 billion and $3 billion with Cleveland-Cliffs, one of the sources said. It would be transformative for Cleveland-Cliffs, which has a market value of $2.3 billion and had

Exclusive: ArcelorMittal in Talks to Merge U.S. Assets With Cleveland-Cliffs – Sources | Investing News

September 27, 2020

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(Reuters) – ArcelorMittal SA

, the world’s largest steelmaker, is exploring a deal to merge its U.S. operations with Cleveland-Cliffs Inc

, the largest U.S. producer of iron ore pellets, people familiar with the matter said on Sunday.

The combination would signal a new push among steelmakers to consolidate and diversify their business, making it less vulnerable to swings in demand. It would come after Cleveland-Cliffs acquired AK Steel, a U.S. maker of flat-rolled carbon steels, including stainless steel, for $3 billion, including debt, last March.

The latest deal could result in the merger of U.S. assets of Luxembourg-based ArcelorMittal that are worth between $2 billion and $3 billion with Cleveland-Cliffs, one of the sources said. It would be transformative for Cleveland-Cliffs, which has a market value of $2.3 billion and had total long-term debt as of the end of June of $4.5 billion.

There is no certainty the negotiations

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Cleveland-Cliffs Triples Down on America

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

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

Cleveland-Cliffs, TikTok, Trump, Caesars – 5 Things You Must Know Monday

1. — Stock Futures Point to Higher U.S. Open

ArcelorMittal in talks to merge U.S. assets with Cleveland-Cliffs

Exclusive: ArcelorMittal in Talks to Merge U.S. Assets With Cleveland-Cliffs – Sources | Investing News