Cleveland-Cliffs, an independent iron ore mining company, completed the acquisition of Ferrous Processing and Trading, a scrap metal processing company, for $775m. "The acquisition of FPT will enhance our ability to buy back prime scrap directly from our clients, cutting the middlemen and improving the margin contribution from scrap for both Cleveland-Cliffs and for the manufacturing and service center clients that will be able to sell scrap directly back to us," Lourenco Goncalves, Cleveland-Cliffs Chairman, President and CEO.