Cleveland-Cliffs Buying AK Steel

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Cleveland-Cliffs is buying AK Steel in as stock deal valued at about 1.1 billion dollars. After a brief spike in steel prices, U.S. steel producers have struggled since the Trump Administration put steel tariffs into place late year. Domestic demand has slumped along the energy sector as drillers pull back on purchases of steel pipe. The companies say that they are creating a vertically integrated business. Cliffs, North America’s larges producer of iron ore pellets, would get access to AK Steel’s flat-rolled carbon, stainless and electrical steel products operations. AK Steel Holding Corporation stockholders will receive 0.40 shares of Cliff’s stock for each AK Steel share they own. Cliffs shareholders will own approximately 68 percent of the combined com-any and AK Steel shareholders will own about 32 percent. AK Steel has a plant in Zanesville.

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