Posted on 26 Nov 2020
Cleveland-Cliffs has gotten the federal go-ahead for its planned $1.4 billion acquisition of ArcelorMittal USA, Kallanish learns from a company statement.
Cleveland-Cliffs was granted an early termination of the waiting period required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 by the Bureau of Competition of the Federal Trade Commission.
This clears the deal to move forward in December.
“We are pleased that the federal antitrust authorities have cleared our transaction ahead of schedule,” says ceo Lourenco Goncalves. “With that, we have a clear path toward closing this transaction next month, as planned. We look forward to realising the benefits of operating these assets under Cleveland-Cliffs, and are excited with the significant optimisation potential that will come from the integration with our current footprint. As we will soon become the largest flat-rolled steel producer in North America, we pledge to take great care of our expanded workforce and to support manufacturing in our country, through the safe and environmentally friendly production of steel.”
Cleveland-Cliffs originally announced the buy in late September. The deal excludes three ArcelorMittal assets in North America: the Hamilton, Ontario, Dofasco facility; ArcelorMittal Mexico; and the legacy AM/NS mill in Calvert, Alabama.
Source:Kallanish
