Cliffs - M&A Summary and Business Overview

Metals/miningCompany

Cliffs M&A Summary

Cliffs has acquired 4 companies, including 4 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, and 2 countries. The Company’s most targeted sectors include metals/mining (75%) and environmental (25%).

Cliffs Business Overview

Where is Cliffs headquartered?

Cliffs is headquartered in Cleveland, Ohio.

What is Cliffs’ revenue?

Cliffs disclosed revenue of 21,996M USD for 2023 and 22,989M USD for 2022.

How many employees does Cliffs have?

Cliffs has 28,000 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 Activity4
    • M&A Buy Activity4
  • Total Sectors Invested 2
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 2
  • M&A Advisors 7

Cliffs

Cleveland-Cliffs, Inc.

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

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 (0.6/yr) # 1 1 1 - - 1 4
vol $3.0B $1.4B $775M $2.6B $7.8B
Sell (0.0/yr) # - - - - - - 0
  4

Most Recent M&A

Company Date Value Type
Stelco Holdings, Inc. 2024-07-15 2.6B CAD Add-on Acquisition
Hamilton, Ontario · www.stelco.com
Ferrous Processing & Trading Co. 2021-10-11 775M USD Divestiture
Detroit, Michigan · www.fptscrap.com
ArcelorMittal USA LLC 2020-09-28 1.4B USD Divestiture
Chicago, Illinois · www.usa.arcelormittal.com
AK Steel Holding Corp. 2019-12-03 3.0B USD Add-on Acquisition
West Chester, Ohio · www.aksteel.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Metals/Mining 3 (75%) 7.0B (90%) - -
Environmental 1 (25%) 775M (10%) - -
Total 4 $7.8B - -

By Geo

State/Country Buy Value Sell Value
United States 3 5.2B - -
  Ohio 1 3.0B - -
  Michigan 1 775M - -
  Illinois 1 1.4B - -
Canada 1 2.6B - -
  Ontario 1 2.6B - -
Domestic 3 (75%) 5.2B (67%) - -
Cross-border 1 (25%) 2.6B (33%) - -
Total 4 $7.8B - -

Top M&A Advisors

Financial Deals
Moelis & Co.
 2
J.P. Morgan Securities
 1
Credit Suisse Investment Banking
 1
Legal Deals
Jones Day
 1
Davis Polk & Wardwell
 1
Blake, Cassels & Graydon
 1

Deal Values

buy # Total
> $1B 3 $7.0B
$100M to $1B 1 $775M
TOTAL $7.8B
Largest AK Steel Holding Corp.
$3.0B (2019-12-03)

M&A Connections

Deals
Acquired from
Strategic(s)
50%
2 (50%)

Company Summary

SECTOR

Metals/Mining

Revenue

21,996   5% 2023
22,989   13% 2022
20,444   282% 2021
5,354   170% 2020
1,990   15% 2019
2,332   1% 2018
2,330   11% 2017
2,109   5% 2016
2,013   2015
(millions of USD) Show More Show Less

Employees

28,000

Established

1847

Public

NYSE: CLF

Former Name

Cliffs Natural Resources, Inc.

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