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.