North American steel producer Cleveland Cliffs completed the acquisition of ArcelorMittal USA and its subsidiaries on Wednesday, December 9, 2020, stated the company. The acquisition includes 60pc interest in ArcelorMittal USA’s I/N Tek facility and 50pc in I/N Kote facility.
Cliffs also acquired Nippon Steel’s remaining 50pc of interests in I/N Kote and 40pc in I/N Tek at $183mn, making Cliffs the sole owner of both the facilities. I/N Tek and I/N Kote was a 60-40pc joint venture between ArcelorMittal and Nippon Steel & Sumitomo Metal.
With this acquisition, Cliffs would become the largest flat-rolled steel producer as well as the largest iron ore pellet producer in North America.
The acquisition is likely to expand the company’s technological capability and enhance operational flexibility.