Cleveland-Cliffs Completed Acquisition of Ferrous Processing and Trading Company

SEATTLE (Scrap Monster): Cleveland-Cliffs, Inc.- the largest producer of flat-rolled steel in entire North America announced that it has successfully completed the previously announced acquisition of Ferrous Processing and Trading (FPT) Company along with certain related entities. With this, FTP has now become a wholly-owned subsidiary of Cleveland-Cliffs Inc.

While presenting the third quarter results of the company in end-October, the company had announced that it expects to close the acquisition transaction before the end of the current quarter. It must be noted that the company had received the final regulatory clearances in connection with the transaction by mid-November.

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With the closing of the acquisition deal, the company is now focussed on amplifying the value of scrap, which the company believes to be the next precious metal, said Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs. The company has already initiated talks with its steel customers to increase its scrap offtake from them. The company is excited to expand the footprints of FTP in future, he added.

FPT processes approximately 3 million tonnes of scrap per year, out of which almost half accounts for prime grade scrap.