Cleveland-Cliffs, an independent iron ore mining company, completed the acquisition of AK Steel Holding, a producer of flat-rolled carbon, stainless and electrical steel products, for $3bn. AK Steel shareholders received 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. “For Cliffs, we expect to realize immediate growth and a long-desired objective of a more diverse customer base, as well as more predictable cash flow generation due to the contracted nature of AK Steel’s sales of high-end automotive steel. Our track record of providing high-grade iron ore combined with AK Steel’s recognized ability to produce the highest quality steel grades, creates a highly complementary and compelling business model. We look forward to welcoming the AK Steel team into our organization and creating a unique company focused on executing value-enhancing opportunities for all of our stakeholders,” Lourenco Goncalves, Cliffs Chairman of the Board, President and CEO.