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Cleveland-Cliffs receives antitrust clearance to move forward with ArcelorMittal USA buy: company

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Cleveland-Cliffs receives antitrust clearance to move forward with ArcelorMittal USA buy: company

Highlights

Cliffs expects to close deal in Dec

Acquisition will make Cliffs the largest N. Amer. steelmaker

Pittsburgh — Cleveland-Cliffs has received antitrust clearance from the US Department of Justice to move forward with its proposed acquisition of substantially all of ArcelorMittal USA, the company said in a statement Nov. 25.

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This clearance represents the most significant milestone toward the completion of this transaction, and reaffirms the anticipated closing of the deal in December 2020, Cliffs said.

"We are pleased that the federal antitrust authorities have cleared our transaction ahead of schedule. With that, we have a clear path toward closing this transaction next month, as planned," Cliffs CEO Lourenco Goncalves said in a statement.

The deal remains subject to other customary closing approvals and conditions, all of which the company expects to settle before the completion of the transaction, it said.

The world's largest steel producer, ArcelorMittal, agreed to sell nearly all its integrated US operations to Cleveland-Cliffs for $1.4 billion in cash and shares in late September.

The deal will make Cleveland-Cliffs the largest flat-rolled steel producer in North America, with combined shipments of around 17 million st in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million lt of annual capacity.

Iron ore miner Cliffs entered the US flat-rolled steel market earlier this year with its acquisition of AK Steel in March.