Cleveland-Cliffs mining company plans to purchase the U.S. branch of ArcelorMittal, the parent company of Cleveland’s largest steel plant, for about $1.4 billion, the companies announced Monday.
If approved by regulators, the Cleveland-based company will acquire five steelmaking plants in addition to the one in Cleveland, along with eight finishing plants and two iron ore mines.
According to a Cleveland-Cliffs press release, the purchase will make the publicly traded company North America’s largest producer of both flat-rolled steel and iron ore pellets, which are used in steel production.
ArcelorMittal has struggled during the pandemic and announced 454 layoffs at its Cleveland plant in July.
Cleveland-Cliffs acquired West Chester, Ohio-based steelmaker AK Steel in a deal valued at $1.1 billion finalized earlier this year.
This is a developing story and will be updated as more information becomes available.
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