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.