Cliffs - M&A Summary and Business Overview


Cliffs M&A Summary

Cliffs has acquired 3 companies, including 3 in the last 5 years.

Cliffs’ largest acquisition to date was in 2019, when it acquired AK Steel Holding for $3.0B. Cliffs has acquired in 3 different US states. The Company’s most targeted sectors include metals/mining (67%) and environmental (34%).

Cliffs Business Overview

Where is Cliffs headquartered?

Cliffs is headquartered in Cleveland, Ohio.

What is Cliffs’ revenue?

Cliffs disclosed revenue of 22,989M USD for 2022 and 20,444M USD for 2021.

How many employees does Cliffs have?

Cliffs has 27,000 employees.

What sector is Cliffs in?

Cliffs is a metals/mining company.

When was Cliffs founded?

Cliffs was founded in 1847.

M&A Summary

  • M&A Total Activity3
    • M&A Buy Activity3
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 2
  • M&A Advisors 3


Cleveland-Cliffs, Inc.

200 Public Square, Suite 3300,
Cleveland, Ohio 44114
United States,
(216) 694-5700

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.

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 1 1 1 - - - 3
vol $3.0B $1.4B $775M $5.2B
Sell (0.0/yr) # - - - - - - 0

Most Recent M&A

Company Date Value Type
Ferrous Processing & Trading Co. 2021-10-11 775M USD Divestiture
Detroit, Michigan ·
ArcelorMittal USA LLC 2020-09-28 1.4B USD Divestiture
Chicago, Illinois ·
AK Steel Holding Corp. 2019-12-03 3.0B USD Add-on Acquisition
West Chester, Ohio ·
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Metals/Mining 2 (67%) 4.4B (85%) - -
Environmental 1 (33%) 775M (15%) - -
Total 3 $5.2B - -

By Geo

State/Country Buy Value Sell Value
United States 3 5.2B - -
  Ohio 1 3.0B - -
  Michigan 1 775M - -
  Illinois 1 1.4B - -
Total 3 $5.2B - -

Top M&A Advisors

Financial Deals
Credit Suisse Investment Banking
Moelis & Co.
Legal Deals
Jones Day

Deal Values

buy # Total
> $1B 2 $4.4B
$100M to $1B 1 $775M
Largest AK Steel Holding Corp.
$3.0B (2019-12-03)

M&A Connections

Acquired from
2 (67%)

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