Cleveland-Cliffs Shares Rally on ArcelorMittal Deal
September 28 2020 - 10:15AM
Dow Jones News
By Colin Kellaher
Shares of Cleveland-Cliffs Inc. rose nearly 9% on Monday after
the iron-ore mining company agreed to buy the U.S. business of
steel giant ArcelorMittal S.A. for about $1.4 billion.
The Cleveland company said the deal will make it North America's
largest producer of flat-rolled steel and iron-ore pellets.
Cleveland-Cliffs also will assume liabilities valued at about $2
billion.
Cleveland-Cliffs shares were recently up 8.7% to $6.39.
ArcelorMittal American depositary receipts were up 7.8% to
$13.03.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
September 28, 2020 10:00 ET (14:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Cleveland Cliffs (NYSE:CLF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cleveland Cliffs (NYSE:CLF)
Historical Stock Chart
From Sep 2023 to Sep 2024