Cliffs clears another hurdle in ArcelorMittal USA acquisition

CLEVELAND, OH -- Cleveland-Cliffs has passed another checkpoint on its way to buying out ArcelorMittal USA.

According to Cliffs, the company has received antitrust clearance from the Federal Trade Commission for its $1.4 billion acquisition of ArcelorMittal USA.

In a statement, the company said this move represents the most significant milestone toward completing the acquisition, which Cliffs anticipated will be finished this month.

The buyout means Cleveland-Cliffs will take over operations at the Minorca mine in Virginia and Hibbing Taconite.

The company already runs Northshore Mining in Babbitt and Silver Bay and United Taconite in Forbes.