Cleveland-Cliffs

Cleveland-Cliffs, North America's largest producer of iron ore pellets, will acquire AK Steel, a leading producer of flat-rolled carbon, stainless and electrical steel products, for $1.1 billion. The deal was announced on July 9, 2020.

Cleveland-Cliffs Inc. and AK Steel Holding Corp. have agreed to a transaction under which Cliffs will acquire all shares of AK Steel common stock, creating a vertically integrated producer of iron and steel products.

Cleveland-Cliffs Inc. will acquire all outstanding shares of AK Steel Holding Corporation in a stock deal valued at approximately $1.1 billion, creating a vertically integrated iron ore and steel producer. The transaction was announced on December 3, 2019.

Cleveland-Cliffs bought out U.S. Steel's stake in a mining operation in Michigan's Upper Peninsula.