Home / Business / ArcelorMittal USA was sold to Cleveland-Cliffs as part of a merger at the end of an era. Headlines in northwest Indiana

ArcelorMittal USA was sold to Cleveland-Cliffs as part of a merger at the end of an era. Headlines in northwest Indiana



“Steel manufacturing is a business where production volumes, operational diversification, fixed cost dilution and technical expertise are paramount and this transaction will achieve all of that,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs. “ArcelorMittal is a world-class organization that we have long admired as customers and partners, and we know they have taken good care of their US assets.”

Cleveland-Cliffs said the deal makes sense as it improves operational capacity, improves steelmaking costs, and fully integrates steelmaking with raw material production. The company said it will have a more stable balance sheet and a new portfolio of steel mills on the United States̵

7; footprint, which has long been its strategic direction.

“We look forward to welcoming the ArcelorMittal USA team to our organization. We are creating an extraordinary company based on great people and backed by our existing close relationships with the United Steelworkers, United Auto Workers and Machinists, “said Goncalves.” The acquisition of ArcelorMittal USA strengthens our position in the demanding automotive steel market and further improves our position in important US markets such as construction, household appliances, infrastructure, machinery and equipment. This also contributes to our strong raw material profile and the growing processing options. The transaction will allow us to become a more efficient, fully integrated steel system that will enable us to achieve all of our operational and financial goals. “


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