US steel maker Cleveland-Cliffs Inc has successfully completed the acquisition of Ferrous Processing & Trading Company, including certain related entities. The final necessary regulatory clearances in connection with the transaction were obtained on November 17. Ferrous Processing & Trading Company is now a wholly owned subsidiary of Cleveland-Cliffs Inc.Ferrous Processing & Trading Company, which was recently awarded Fastmarkets’ 2021 Scrap Company of the Year, is a leading prime ferrous scrap processor in the United States. Ferrous Processing & Trading Company currently processes approximately three million tons of scrap per year, approximately half of which is prime grade. Cliffs expects to grow its prime scrap presence through its existing relationships with industrial steel consumers.