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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.

Briggs LeSavage

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