M&A Deal Summary

Cliffs Acquires Ferrous Processing & Trading

On October 11, 2021, Cliffs acquired environmental company Ferrous Processing & Trading from Soave Enterprises for 775M USD

Acquisition Highlights
  • This is Cliffs’ 1st transaction in the Environmental sector.
  • This is Cliffs’ 4th largest (disclosed) transaction.
  • This is Cliffs’ 3rd transaction in the United States.
  • This is Cliffs’ 1st transaction in Michigan.

M&A Deal Summary

Date 2021-10-11
Target Ferrous Processing & Trading
Sector Environmental
Buyer(s) Cliffs
Sellers(s) Soave Enterprises
Deal Type Divestiture
Deal Value 775M USD

Target

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.

Search 199,847 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 1

Buyer

Cliffs

Cleveland, Ohio, United States

Category Company
Founded 1847
Sector Metals/Mining
Employees28,000
Revenue 22.0B USD (2023)
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 3 of 4
Sector (Environmental) 1 of 1
Type (Divestiture) 2 of 2
State (Michigan) 1 of 1
Country (United States) 3 of 3
Year (2021) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS 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
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-07-15 Stelco

Hamilton, Ontario, Canada

Stelco is a steel company fully integrated, industry major facilities are among the safest, environmentally progressive, and productive steel plants in the world. Powered by Canadian craftsmanship, Stelco's operations in Hamilton and Nanticoke reflect the strength of each community. Together with employing more than 2,200 people, these fully integrated, industry-leading facilities are among the safest, environmentally progressive, and productive steel plants in the world. Hamilton Works is located on the shore of Lake Ontario in Hamilton, Ontario. Lake Erie Works is located in Nanticoke, Ontario, on the shores of Lake Erie. Stelco produces high-quality steel that is used primarily in the North American automotive, construction, infrastructure, appliance, manufacturing and pipe, and tube industries. Stelco was founded in 1910 and is based in Hamilton, Ontario.

Buy CA$3.4B

Seller(S) 1

SELLER

Soave Enterprises

Detroit, Michigan, United States

Category Company
Founded 1961
Sector Financial Services
DESCRIPTION

Soave Enterprises has been shaped and defined by its entrepreneurial culture. This vision consistency of spirit is Soave’s ever-present beacon of light, guiding the company as it navigates an ever-changing business landscape.


DEAL STATS #
Overall 1 of 1
Sector (Environmental) 1 of 1
Type (Divestiture) 1 of 1
State (Michigan) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1997-01-01 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 -