HomeMy WebLinkAbout2020-03-13_Cleveland_Cliffs_Completes_Acquisition_of_AK_35March 13, 2020
Cleveland-Cliffs Completes Acquisition of
AK Steel
CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) announced today
that it has successfully completed the acquisition of AK Steel Holding Corporation,
integrating North America’s largest producer of iron ore pellets downstream into the
production of value-added steel and specialty manufactured parts for the automotive
industry. The combined company will be led by Chairman, President and Chief Executive
Officer Lourenco Goncalves.
“This is a new era for Cleveland-Cliffs as a producer of differentiated, high quality iron ore,
metallics and steel in North America. The new Cliffs will begin from a unique position of
strength in our industry, with a dynamic combination of assets including two efficient
integrated blast furnace steel mills, two electric arc furnace plants, a new state-of-the-art HBI
plant and several other highly technologically developed facilities. We will be catering to a
desirable customer base and primarily doing business in the United States, the most
resilient manufacturing economy in the world,” said Mr. Goncalves. “I am honored to be
leading a Company that is built on such a rich history, and now combines mining, pelletizing,
direct-reduction, EAF steelmaking, BF/BOF steelmaking, highly technologically developed
finishing mills and automated manufacturing of auto-parts.” Mr. Goncalves concluded: “I am
also very pleased to welcome the AK Steel employees and the unions representing the
workforce throughout the country to the Cleveland-Cliffs family. From now on, we are a
single, united and very strong team.”
About Cleveland-Cliffs Inc.
Founded in 1847, Cleveland-Cliffs is among the largest vertically integrated producers of
differentiated iron ore and steel in North America. With an emphasis on non-commoditized
products, Cliffs is uniquely positioned to supply both customized iron ore pellets and
sophisticated steel solutions to a quality-focused customer base, with an industry-leading
market share in the automotive industry. In 2020, Cliffs also expects to be the sole producer
of hot briquetted iron (HBI) in the Great Lakes region. A commitment to environmental
sustainability is core to our business operations and extends to how we partner with
stakeholders across our communities and the steel value chain. Headquartered in
Cleveland, Ohio, Cleveland-Cliffs employs approximately 12,000 people across mining and
steel manufacturing operations in the United States, Canada and Mexico. For more
information, visit http://www.clevelandcliffs.com
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MEDIA CONTACT:
Patricia Persico
Director, Corporate Communications
(216) 694-5316
INVESTOR CONTACT:
Paul Finan
Director, Investor Relations
(216) 694-6544
Source: Cleveland-Cliffs Inc.