Cleveland-Cliffs Receives Approval To Purchase ArcelorMittal In USA

Cleveland-Cliffs has received approval from the federal government for its planned acquisition of ArcelorMittal USA for $ 1.4 billion.

The FTC's Competition Bureau granted Cleveland-Cliffs an early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

This allows you to start the deal in December.

“We are delighted that the federal antimonopoly authorities have approved our deal ahead of schedule,” says CEO Lourenko Gonsalves. “So we have a clear path to close the deal next month as planned. We look forward to realizing the benefits of working with these assets at Cleveland-Cliffs and are excited about the significant optimization potential that will emerge from the integration with our current coverage. As we will soon become the largest manufacturer of flat products in North America, we are committed to focusing on expanding our workforce and supporting production in our country through safe and sustainable steel production. ”

Cleveland-Cliffs originally announced the purchase at the end of September. The deal excludes three ArcelorMittal assets in North America: a plant in Hamilton, Ontario, Dofasco; ArcelorMittal Mexico; and the aging AM /NS plant in Calvert, Alabama.