Cleveland-Cliffs Inc announced that it has received from the Bureau of Competition of the Federal Trade Commission notice of early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act of 1976 for its proposed acquisition of substantially all of ArcelorMittal USA LLC and its subsidiaries. This clearance represents the most significant milestone toward the completion of this transaction, and re affirms the anticipated closing of the deal in December 2020. The completion of the transaction remains subject to other customary closing approvals and conditions, all of which the company expects to settle before the completion of the transaction.
The facilities included in the transaction are:
Double G. Coatings JV (ArcelorMittal USA’s 50% interest)
I/N Tek JV with Nippon Steel (ArcelorMittal USA’s 60% interest)
I/N Kote JV with Nippon Steel (ArcelorMittal USA’s 50% interest)
Mining and Pelletizing:
Hibbing JV (ArcelorMittal USA’s 62.3% interest)
Met Coal & Coke making:
The deal will make Cleveland-Cliffs the largest flat rolled steel producer in North America, with combined shipments of around 17 million short tons in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million tonnes of annual capacity.
ArcelorMittal, agreed to sell nearly all its integrated US operations to Cleveland-Cliffs for USD 1.4 billion in cash and shares in late September.