FTC Gives Cliffs Early Termination Clearance
By Metal Center News Staff
on Dec 1, 2020
The Bureau of Competition of the Federal Trade Commission has given early termination of the antitrust waiting period to Cleveland-Cliffs. The clearance paves the way toward the completion of Cliffs’ acquisition of ArcelorMittal USA LLC and its subsidiaries.
“We are pleased that the federal antitrust authorities have cleared our transaction ahead of schedule. With that, we have a clear path toward closing this transaction next month, as planned,” said Lourenco Goncalves, chairman, president and CEO of Cliffs. “We look forward to realizing the benefits of operating these assets under Cleveland-Cliffs, and are excited with the significant optimization potential that will come from the integration with our current footprint.”
The completion of the transaction remains subject to other customary closing approvals and conditions, all of which the company expects to settle before the completion of the transaction. Upon completion of the transaction, Cliffs will become the largest flat-rolled steel producer in North America, following its earlier transaction in 2020 of AK Steel.
“We pledge to take great care of our expanded workforce and to support manufacturing in our country, through the safe and environmentally friendly production of steel. More than ever, we are ready for a great future for Cleveland-Cliffs and our people,” Goncalves said.