M&A Deal Summary

Cliffs Acquires AK Steel Holding

On December 3, 2019, Cliffs acquired metals/mining company AK Steel Holding for 3.0B USD

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

M&A Deal Summary

Date 2019-12-03
Target AK Steel Holding
Sector Metals/Mining
Buyer(s) Cliffs
Deal Type Add-on Acquisition
Deal Value 3.0B USD
Advisor(s) Goldman Sachs (Financial)
Weil Gotshal & Manges (Legal)

Target

AK Steel Holding

West Chester, Ohio, United States
website
Entrance to AK Steel's corporate headquarters in West Chester, Ohio.
Entrance to AK Steel's corporate headquarters in West Chester, Ohio.
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.

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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 1 of 3
Sector (Metals/Mining) 1 of 2
Type (Add-on Acquisition) 1 of 1
State (Ohio) 1 of 1
Country (United States) 1 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 3
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 ArcelorMittal USA

Chicago, Illinois, United States

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

Buy $1.4B