Cliffs completes $1.4 billion buyout of ArcelorMittal

CLEVELAND, OH -- Cleveland-Cliffs has completed its $1.4 billion buyout of ArcelorMittal USA.

According to Cliffs, the the acquisition forms the largest flat-rolled steel producer in North America.

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

Cliffs' president and CEO Lourenco Goncalves said the buyout "…opens a new chapter in the history of the steel business in the United States."

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