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)

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