(Bloomberg) — Cleveland-Cliffs Inc. will buy the U.S. operations of ArcelorMittal SA for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer in North America.Cleveland-Cliffs will pay about $873 million of common and non-voting preferred stock, and $505 million in cash, according to a statement.The transaction will save about $150 million in annual costs for the combined operations, improve Cleveland-Cliffs’ liquidity and is expected to boost its sales to the key automotive market. U.S. steel prices have risen in recent months, driven by tight supply after plant usage dropped in response to weaker demand due to …read more
Source:: Yahoo Finance
