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ArcelorMittal announces that the sale of ArcelorMittal USA to Cleveland-Cliffs for a combination of cash and stock has completed today.
Under the terms of the sale, ArcelorMittal has received $505 million cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash[1]. As agreed, Cleveland-Cliffs has assumed the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities (‘OPEB’)[2].
Commenting, Mr. Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said: “I would like to thank everyone at ArcelorMittal USA for the...
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