Cleveland-Cliffs to acquire AK SteelDecember 3, 2019
From Local Sources
ROCKPORT — Cleveland-Cliffs Inc. and AK Steel Holding Corporation have entered into a definitive merger agreement in which Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock. Lourenco Goncalves, chairman of the board, president and CEO of Cliffs, will lead the expanded organization.
AK Steel is headquartered in West Chester, Ohio, but has a steel production facility in Rockport in Spencer County.
Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. Upon completion of the transaction, Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.
The transaction will combine Cliffs, North America’s largest producer of iron ore pellets, with AK Steel, a leading producer of innovative flat-rolled carbon, stainless and electrical steel products, to create a vertically integrated producer of value-added iron ore and steel products. The combined company will be ideally positioned to provide high-value iron ore and steel solutions to customers primarily across North America.
See the full press release here.
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