Cleveland-Cliffs Completes Acquisition of AK Steel
March 13 2020 - 08:35AM
Business Wire
Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it
has successfully completed the acquisition of AK Steel Holding
Corporation, integrating North America’s largest producer of iron
ore pellets downstream into the production of value-added steel and
specialty manufactured parts for the automotive industry. The
combined company will be led by Chairman, President and Chief
Executive Officer Lourenco Goncalves.
“This is a new era for Cleveland-Cliffs as a producer of
differentiated, high quality iron ore, metallics and steel in North
America. The new Cliffs will begin from a unique position of
strength in our industry, with a dynamic combination of assets
including two efficient integrated blast furnace steel mills, two
electric arc furnace plants, a new state-of-the-art HBI plant and
several other highly technologically developed facilities. We will
be catering to a desirable customer base and primarily doing
business in the United States, the most resilient manufacturing
economy in the world,” said Mr. Goncalves. “I am honored to be
leading a Company that is built on such a rich history, and now
combines mining, pelletizing, direct-reduction, EAF steelmaking,
BF/BOF steelmaking, highly technologically developed finishing
mills and automated manufacturing of auto-parts.” Mr. Goncalves
concluded: “I am also very pleased to welcome the AK Steel
employees and the unions representing the workforce throughout the
country to the Cleveland-Cliffs family. From now on, we are a
single, united and very strong team.”
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs is among the largest
vertically integrated producers of differentiated iron ore and
steel in North America. With an emphasis on non-commoditized
products, Cliffs is uniquely positioned to supply both customized
iron ore pellets and sophisticated steel solutions to a
quality-focused customer base, with an industry-leading market
share in the automotive industry. In 2020, Cliffs also expects to
be the sole producer of hot briquetted iron (HBI) in the Great
Lakes region. A commitment to environmental sustainability is core
to our business operations and extends to how we partner with
stakeholders across our communities and the steel value chain.
Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs
approximately 12,000 people across mining and steel manufacturing
operations in the United States, Canada and Mexico. For more
information, visit http://www.clevelandcliffs.com
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