On March 13, local time in the United States, Cleveland-Cliffs (Cleveland-Cliffs) announced that it has completed the acquisition of AK Steel Holding. Vote to approve this $ 3 billion acquisition agreement to complete the resolutions required to announce the acquisition of AK Steel at the beginning of the year. This acquisition is Cleveland-Cliffs' first foray into the steel manufacturing industry.
Cleveland-Cliffs acquired AK Steel under the merger agreement, after which AK Steel will operate as a wholly-owned subsidiary of Cleveland-Cliffs.
It is reported that Cleveland-Cliffs was founded in 1847. Today, the company is an international mining and natural resources company. AK Steel mainly produces steel products for automotive, infrastructure and manufacturing companies. It has about 9,300 employees in steel plants in the United States, Canada, Mexico and Western Europe.