# Cleveland-Cliffs to acquire Ferrous Processing and Trading for $775M

Cleveland-Cliffs Inc. has agreed to acquire Ferrous Processing and Trading Company (FPT), a scrap processor and distributor, for an enterprise value of approximately $775 million. FPT processes about three million tons of scrap per year.

- Type: Acquisition
- Announced: 2021-10-11
- Where: Detroit, Michigan, United States
- Value: $775.0M
- Status: announced
- Capacity: 3 million tons per year
- Products: ferrous scrap
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [Cleveland-Cliffs](https://endata.com/companies/27377.md) (acquirer)
- [Ferrous Processing and Trading Company](https://endata.com/companies/58306.md) (target)

## Sources

- [clevelandcliffs.com](https://www.clevelandcliffs.com/news/news-releases/detail/533/cleveland-cliffs-enters-the-scrap-business-and-announces), 2021-10-11: "Cleveland-Cliffs is entering the scrap business as a major player through the acquisition of a large scrap company."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.