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Announced

Cleveland-Cliffs to acquire ArcelorMittal USA for $1.4bn.

Financials

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Transaction Value£1,097m
Consideration TypeCash, Ordinary Shares
Capital Owned-
Capital Bid For100%
EV/Sales0.1x
EV/EBITDA2x
Share Price Premium-
One Off Charge-

Tags

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Iron and Steel

United States

Friendly

steel manufacturing

Disposal

Private

Single Bidder

Domestic

Acquisition

Pending

Majority

Synopsis

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Cleveland-Cliffs, a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, agreed to acquire ArcelorMittal USA, part of ArcelorMittal, a steel and mining company, for $1.4bn. "Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these. ArcelorMittal is a world class organization that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their US assets," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO. On November 25, 2020, Cleveland-Cliffs received antitrust approval from US Department of Justice for the acquisition of ArcelorMittal USA.

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