AK Steel acquisition nears completion
Cleveland-Cliffs and AK Steel have respectively approved all proposals to clear the way for the latter to be acquired by Cleveland-Cliffs by March 13.
The approved proposals, which needed authorization from Cliffs’ and AK’s stockholders, have paved the way for AK to become a wholly-owned Cliffs subsidiary. The two companies will both report their voting results to the US Securities Exchange Commission. Last month, the acquisition received approval from the Mexican anti-trust authority.
Cleveland Cliffs is the oldest independent iron ore mining company in the US. AK Steel is a flat-rolled carbon, stainless and electrical steel producer.