Cleveland-Cliffs Inc

Dec. 9: Cleveland-Cliffs Completes Acquisition of ArcelorMittal USA

Cleveland-Cliffs Inc. announced that it has successfully completed the acquisition of substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries (“ArcelorMittal USA”), forming the largest flat-rolled steel producer in North America. On a full-year 2019 basis, the combined Company generated pro-forma revenues of approximately $17 billion and combined adjusted EBITDA of approximately $1.7 billion, including previously disclosed expected synergies.

In connection with the acquisition of ArcelorMittal USA, which includes the interests of ArcelorMittal USA of 60% in I/N Tek L.P. and 50% in I/N Kote L.P., Cleveland-Cliffs also acquired Nippon Steel Corporation’s remaining interests of 50% in I/N Kote and 40% in I/N Tek, for a total consideration of approximately $183 million. With this additional transaction, Cleveland-Cliffs becomes the sole owner of 100% of I/N Tek and I/N Kote, which generated a combined $121 million of adjusted EBITDA in 2019.

You can read the complete news release online.

United Taconite Project Mustang Pellet Plant Groundbreaking August 11, 2016

Cliffs Natural Resources held a groundbreaking ceremony at United Taconite to celebrate the future production of a superflux Mustang pellet for the Company’s largest customer, ArcelorMittal. Cliffs is investing in building new assets to support the customized iron ore pellet, including a storage facility, new silos, a limestone crusher and new conveyors.

The project will take approximately eight months and involve an estimated 200,000 hours of labor during construction. Cliffs is on track to deliver the Mustang pellets to ArcelorMittal starting next year.

Shown in picture (l-r): UTAC General Manager Santi Romani, Congressman Rick Nolan, Cliffs Chairman, President & CEO Lourenco Goncalves, Minnesota Governor Mark Dayton, USW Local 6860 President Brian Zarn, and EVP, USIO Terry Fedor.

Cliffs CEO on CNBC: China is biggest problem for steel oversupply May 20, 2016

Despite China signaling moves to cut its excess steel production capacity, industry chiefs say the country has declared a metals "war" that has had a "devastating" impact for the rest of the world's industry. Cliffs CEO, Lourenco Goncalves, explains to CNBC why it's time to take action on the glut in the steel market.

Watch the interview on CNBC.

Steel's Resolve: Overcoming the Excess May 18, 2016

Cliffs CEO Lourenco Goncalves joined executives from six steel giants as a panelist for AISTech's Town Hall Forum as part of a weeklong conference sponsored by the Association for Iron and Steel Technology. During "Steel's Resolve: Overcoming the Excess," the executives explored the challenges — and discussed the opportunities — that lie ahead for the domestic steel industry. The global steel industry was challenged by excess capacity, excess production and excess imports in 2015. Despite a recovering construction market and a record year for auto sales, the headwinds buffeted steel producers.

Learn more about the conference and these issues at AIST’s website.  You can also watch the town hall forum online -- registration is required to view the video

Sen Klobuchar Tours Reopened Northshore Mining May 6, 2016

Minnesota Sen Amy Klobuchar met with workers and company leadership at Cliffs’ Northshore Mining, which was recently reopened after having been idled in December. Klobuchar toured the facility and met with workers now back on the job. More than 400 workers at Cliffs Natural Resources ‘ Northshore Mining are back to work this week – Northshore’s facilities in Silver Bay and Babbitt are expected to be fully staffed by early next week.

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