Steelmaker Cleveland-Cliffs (CLF) inked a deal to acquire scrap metal processor Ferrous Processing and Trading Company (FPT) and related entities for $775 million. Shares of the company were up 5.2% in early trading on Monday following the news. (See Cleveland-Cliffs stock charts on TipRanks) FPT is one of the largest processors and distributors of prime ferrous scrap in the United States, representing 15% of the domestic prime scrap market. FPT processes approximately 3 million tons of scrap every year across 22 scrap processing facilities. FPT generated EBITDA of approximately $100 million over the past year ending August 31, 2021.
https://www.tipranks.com/news/cleveland-cliffs-acquires-ferrous-processing-and-trading-company-for-775m?utm_source=advfn.com&utm_medium=referral
Cleveland Cliffs (NYSE:CLF)
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