Cleveland-Cliffs Obtained Antitrust Clearance from Federal Authorities

SEATTLE (Scrap Monster): Cleveland-Cliffs Inc. announced that it has obtained antitrust clearance from the U.S. Department of Justice and other federal authorities, which will help the company go ahead with its plan to acquire substantially all of the assets of Luxembourg-based ArcelorMittal’s USA assets.

The company received notice of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 from the Bureau of Competition of the Federal Trade Commission. The clearance represents the most significant milestone toward the completion of the transaction. The company expects the deal to close by end December this year.

Lourenco Goncalves, Chairman, President and CEO, Cleveland-Cliffs said that the company is pleased to have received clearance from the federal antitrust authorities, ahead of schedule. This clears the path for anticipated closing of the transaction this month. The integration of the assets under Cleveland-Cliffs offers significant optimization potential. The addition of assets would soon make it the largest flat-rolled steel producer in North America, he added.

The acquisition deal covers three major steel mills in Northwest Indiana, along with finishing facilities in Gary, Riverdale and New Carlisle.

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