Cleveland-Cliffs Completes Acquisition of AK Steel
Cleveland-Cliffs Inc. successfully completed the acquisition of AK Steel Holding Corp., integrating North America’s largest producer of iron-ore pellets downstream into the production of value-added steel and specialty manufactured parts for the automotive industry. The combined company will be led by Chairman, President and CEO Lourenco Goncalves. It combines mining, pelletizing, direct-reduction, EAF steelmaking, BF/BOF steelmaking, highly technologically developed finishing mills and automated manufacturing of auto parts.
“This is a new era for Cleveland-Cliffs as a producer of differentiated, high-quality iron ore, metallics and steel in North America,” Goncalves said. “The new Cliffs will begin from a unique position of strength in our industry, with a dynamic combination of assets including two efficient integrated blast-furnace steel mills, two EAF plants, a new state-of-the-art HBI plant and several other highly technologically developed facilities. We will be catering to a desirable customer base and primarily doing business in the United States.”