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“Cleveland-Cliffs to Buy ArcelorMittal USA for $1.4 Billion”

” Cleveland-Cliffs Inc. will buy the U.S. operations of ArcelorMittal SA for $1.4 billion in cash and shares to become the biggest flat-rolled steel producer in North America. Ohio-based Cleveland-Cliffs expects its second major deal in less than a year to boost sales to the important automotive market and help reduce costs…

The deal will help ArcelorMittal reduce debt and the company will use $500 million of the cash proceeds to repurchase shares, starting immediately. The stock jumped as much as 11% on Monday, paring this year’s decline to 28%.

Cleveland-Cliffs will pay about $873 million of common and non-voting preferred stock, and $505 million in cash for ArcelorMittal USA, according to a statement…”

https://finance.yahoo.com/news/cleveland-cliffs-buy-arcelormittal-usa-055944490.html

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