Cleveland Cliffs agrees to $1.4 billion deal to acquire ArcelorMittal

Cleveland Cliffs agrees to $1.4 billion deal to acquire ArcelorMittal
The William G. Mather is a museum to Great Lakes freighters, named after the first president of Cleveland-Cliffs. Cleveland-Cliffs agreed to a $1.4 billion deal to acquire ArcelorMittal. (Source: Michael Dakota)
By Steph Krane | September 28, 2020 at 5:43 AM EDT - Updated September 28 at 5:43 AM

CLEVELAND, Ohio (WOIO) - Cleveland-Cliffs agreed to a $1.4 billion deal to acquire the operations of ArcelorMittal USA.

Once complete, the transaction will make Cleveland-Cliffs the largest flat-rolled steel producer in North America.

“The acquisition of ArcelorMittal USA amplifies our position in the discerning automotive steel marketplace, and further improves our position in important U.S. markets such as construction, appliances, infrastructure, machinery and equipment,” Cleveland-Cliffs President and CEO Lourenco Goncalves said in a statement.

The Cleveland-Cliffs Iron Company was founded in 1891 with William G. Mather as its president.

In 1920, it was recognized as the largest independent producer of iron ore in the United States.

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