In 2018 and 2019, ArcelorMittal USA averaged annual revenues of approximately $10.4 billion and annual adjusted EBITDA of approximately $700 million. The assets acquired include six steelmaking facilities, eight finishing facilities, two iron ore mining and pelletizing operations, and three coal and coke making operations. “Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. “ArcelorMittal is a world class organization that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their US assets.”

The six steel mill included in the transaction are: Indiana Harbor, Burns Harbor, Cleveland, Coatesville, Steelton, and Riverdale. The iron ore mining and pelletizing operations include: the Hibbing JV (ArcelorMittal USA’s 62.3% interest) and Minorca. The metallurgical coal and coke making facilities include: Monessen, Princeton, and Warren. Goncalves said he looks forward to welcoming the ArcelorMittal USA team into the Cliffs organization. “We are creating an exceptional company, based on great people and supported by our existing strong relationship with the United Steelworkers, the United Auto Workers and the Machinists unions,” he said. The transaction has been approved by the board of directors of both companies and is expected to close in the fourth quarter of 2020, subject to the receipt of regulatory approval and the satisfaction of other customary closing conditions.