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The deal will enable Cleveland-Cliffs (CLF) to transform into a vertically-integrated steel company that will likely boost profitability of both companies. Cleveland-Cliffs to Buy AK Steel in $1 ...
AK Steel Holding Corporation (NYSE: AKS ) has entered into a definitive merger agreement with Cleveland-Cliffs Inc (NYSE: CLF ), in which the latter will acquire all the shares of the steelmaker.
The exchange offers and consent solicitations are conditional upon the consummation of the pending acquisition of AK Steel by Cleveland-Cliffs (CLF) pursuant to the merger agreement.
Cleveland-Cliffs manages and operates four iron ore mines in Minnesota and two mines in Michigan, one of which, the Empire Mine, has been indefinitely idled. [3] These mines produce various grades of iron ore pellets, including standard and fluxed, for use in blast furnaces as part of the steelmaking process as well as Direct Reduced (DR) grade pellets for use in direct reduced iron (DRI ...
AK Steel answered the complaint and filed counterclaims (AK Steel Corp. v. AEIF, Case No. 1:05-CV-531) on November 2, 2005. [38] On March 1, 2006, AK Steel began a lockout of about 2,700 workers at the Middletown Works plant in Middletown, Ohio. [39] By the next day, the mill was operated by 1,800 salaried and temporary replacement workers.
On 21 July 2014, AK Steel Holding announced that it had agreed to purchase Severstal's Dearborn steel-making assets for $700 million cash. The acquisition would also include a coke-making facility and interests in three joint ventures that process flat-rolled steel products. [ 1 ]
Cleveland-Cliffs CEO Lourenco Goncalves said Monday he had a plan to buy U.S. Steel as he launched a tirade against Japan, calling the close U.S. ally “evil” during a news conference. “I ...
U.S. Senator Joe Manchin declared the ITC turned "a blind eye to nearly 1,000 hard-working employees," and that "Cleveland-Cliffs’ closure is an absolute injustice not only to American workers, but to the very principle of fair competition, and it will undoubtedly weaken our economic and national security."