Merger Agreement Nearly Complete

A merger agreement between Cleveland-Cliffs Inc. and AK Steel means Cliffs has acquired all of the issued and outstanding shares of AK Steel common stock.The company announced Tuesday that they bought out AK for a little more than $1 billion. This announcement comes a little less than a month since the facility made its final coil.AK officials say the merger will combine with Cliffs to create a vertically integrated producer of value-added iron ore and steel products.The trasnaction is expected to close the beginning of 2020.

Source: MG News

Return to News