M&A Deal Summary

Cliffs Acquires ArcelorMittal USA

On September 28, 2020, Cliffs acquired metals/mining company ArcelorMittal USA from ArcelorMittal for 1.4B USD

Acquisition Highlights
  • This is Cliffs’ 2nd transaction in the Metals/Mining sector.
  • This is Cliffs’ 2nd largest (disclosed) transaction.
  • This is Cliffs’ 2nd transaction in the United States.
  • This is Cliffs’ 1st transaction in Illinois.

M&A Deal Summary
Date 2020-09-28
Target ArcelorMittal USA
Sector Metals/Mining
Buyer(s) Cliffs
Sellers(s) ArcelorMittal
Deal Type Divestiture
Deal Value 1.4B USD

Target

ArcelorMittal USA

Chicago, Illinois, United States
website
ArcelorMittal USA LLC is engages in manufacturing of steel products. ArcelorMittal USA was founded in 2002 and is based in Chicago, Illinois.

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Buyer(S) 1

Buyer

Cliffs

Cleveland, Ohio, United States

website

Category Company
Founded 1847
Sector Metals/Mining
Employees27,000
Revenue 23.0B USD (2022)
DESCRIPTION

Cliffs is the largest and oldest independent iron ore mining company in the United States. Cleveland-Cliffs, Inc. is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. By 2020, Cleveland-Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, Cleveland-Cliffs’ employees endeavor to provide all stakeholders with operating and financial transparency. Cleveland-Cliffs Inc. Cliffs was incorporated in 1847 and is based in Cleveland, Ohio.

DEAL STATS #
Overall 2 of 3
Sector (Metals/Mining) 2 of 2
Type (Divestiture) 1 of 2
State (Illinois) 1 of 1
Country (United States) 2 of 3
Year (2020) 1 of 1
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-03 AK Steel Holding

West Chester, Ohio, United States

AK Steel Holding Corp. is a producer of flat-rolled carbon, stainless and electrical steel products for automotive, appliance, construction and manufacturing markets, as well as tubular steel products. AK Steel Holding was founded in 1993 and is based in West Chester, Ohio.

Buy $3.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-11 Ferrous Processing & Trading

Detroit, Michigan, United States

Ferrous Processing & Trading is a processor and distributor of prime ferrous scrap in the United States, representing approximately 15% of the domestic merchant prime scrap market. FPT currently processes approximately three million tons of scrap per year, approximately half of which is prime grade. It operates 22 scrap processing facilities, with approximately 90% of revenues originating from its Midwest locations, primarily in Michigan and Ohio. Ferrous Processing & Trading was formed in 1904 and is based in Detroit, Michigan.

Buy $775M

Seller(S) 1

SELLER

ArcelorMittal

Luxembourg, Luxembourg

website

Category Company
Founded 1976
Sector Metals/Mining
Employees168,000
Revenue 53.3B USD (2020)
DESCRIPTION

ArcelorMittal is a provider of steel producer and mining company. Guided by a philosophy to produce safe, sustainable steel, it is the supplier of quality steel products in all major markets including automotive, construction, household appliances and packaging. ArcelorMittal was incorporated in 1976 and is based in Luxembourg City, Luxembourg.

DEAL STATS #
Overall 10 of 10
Sector (Metals/Mining) 7 of 7
Type (Divestiture) 9 of 9
State (Illinois) 1 of 1
Country (United States) 4 of 4
Year (2020) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-20 Halo Steelrings

Seraing, Belgium

Halo Steelrings is a manufacturer of seamless steel rings and tires to their customer base, including leading manufacturers of slewing rings, gearboxes, and bearings. Halo Steelrings is based in Seraing, Belgium.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-02 John Lawrie Group

Aberdeen, United Kingdom

John Lawrie Group provides key services to the oil and gas, construction, and utility sectors through its three divisions: Metals, which remains the largest metal recycler and exporter of processed scrap metal in North and North-East Scotland. Tubulars, which is a leading specialist in the trading of new and reusable tubulars for construction piling, and casing and drillpipe for oil and gas, around the world. Decom which provides decommissioning and recycling services to the oil and gas sector. John Lawrie Group was founded in 1930 and is based in Aberdeen, United Kingdom.

Buy -
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