Cleveland-Cliffs Completes Acquisition of AK Steel

Nearly 68% of the ownership of the combined entity is owned by Cliffs shareholders, whereas the remaining 32% by AK Steel shareholders.

SEATTLE (Scrap Monster): Cleveland-headquartered Cleveland-Cliffs, Inc. announced that it has completed acquisition of West Chester, Ohio-based AK Steel Holding Corporation. The two companies had reached a definitive agreement on the buyout deal in December last year.

Commenting on the milestone achievement, Lourenco Goncalves, Chairman, President and Chief Executive Officer, Cleveland-Cliffs, who leads the combined entity, noted that the acquisition brings in a new era for Cleveland-Cliffs as a producer of differentiated, high-quality iron ore, metallics and steel in North America. The combined entity now owns two integrated blast furnace mills, two electric arc furnace plants and an HBI plant, in addition to various other facilities.

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Goncalves welcomed the AK Steel employees and the unions representing the workforce throughout the country to the Cleveland-Cliffs family.

Nearly 68% of the ownership of the combined entity is owned by Cliffs shareholders, whereas the remaining 32% by AK Steel shareholders.

The transaction has combined Cliffs’ iron ore pellet capabilities and AK Steel’s innovative and technologically-developed steel production capabilities, that primarily focuses on manufactured parts for the region’s automotive industry.