{"id":9993,"date":"2019-12-05T10:25:22","date_gmt":"2019-12-05T10:25:22","guid":{"rendered":"https:\/\/staging.asminternational.org\/hts-new\/cleveland-cliffs-ak-steel-join-to-form-vertically-integrated-producer-of-iron-and-steel\/"},"modified":"2023-02-23T22:35:58","modified_gmt":"2023-02-23T22:35:58","slug":"cleveland-cliffs-ak-steel-join-to-form-vertically-integrated-producer-of-iron-and-steel","status":"publish","type":"post","link":"https:\/\/www.asminternational.org\/hts\/cleveland-cliffs-ak-steel-join-to-form-vertically-integrated-producer-of-iron-and-steel\/","title":{"rendered":"Cleveland-Cliffs, AK Steel join to form vertically integrated producer of iron and steel"},"content":{"rendered":"<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\">Cleveland-Cliffs Inc. and AK Steel Holding Corp. announce that they have entered into a definitive merger agreement in which Cliffs, North America\u2019s largest producer of iron ore pellets, will join with AK Steel, a leading producer of innovative flat-rolled carbon, stainless, and electrical steel products.<\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\">The combined company will be ideally positioned to provide high-value iron ore and steel solutions to customers primarily across North America. It will create a vertically integrated producer of value-added iron ore and steel products, including next generation Advanced High Strength Steels (AHSS) for automotive and other markets.<\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\">Together, Cliffs and AK Steel will have a presence across the entire manufacturing process, from mining to pelletizing to the development and production of finished high value steel products. The combined company will ensure pellet volume commitments to AK Steel\u2019s blast furnaces, along with Cliffs\u2019 Toledo hot briquetted iron facility, to complement its existing long-term minimum volume pellet offtake agreements with other key integrated steel producers. Further, the potential startup of pig iron manufacturing at AK Steel\u2019s facility in Ashland, Kentucky, would create future opportunities for pellet demand and more metallics products without significant additional capital expenditures.<\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\">Cleveland Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock. Lourenco Goncalves, Chairman of the Board, President, and CEO of Cliffs, will lead the expanded organization. According to Mr. Goncalves, \u201cCliffs\u2019 existing strong balance sheet and self-sufficiency in pellets for the combined company provide flexibility to pursue additional growth opportunities, including the potential future utilization of the blast furnace in Ashland to produce merchant pig iron, an opportunity neither company could pursue on a standalone basis. We expect to realize immediate growth and a long-desired objective of a more diverse customer base, as well as more predictable cash flow generation due to the contracted nature of AK Steel\u2019s sales of high-end automotive steel.\u201d <\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\">Roger K. Newport, CEO of AK Steel, added, \u201cThe combination of Cliffs\u2019 iron ore pellet capabilities and our innovative, high-quality steel product development and production is strategically compelling. Together, we expect to be able to take advantage of growth opportunities faster and more fully than either company could on its own. With AK Steel\u2019s 120-year heritage, which began in Ohio, and expertise in steelmaking, AK Steel and Cliffs make an excellent combination, which we expect will facilitate a smooth integration process.\u201d<\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n<p style=\"margin-bottom:.0001pt\"><span style=\"line-height:normal\"><a href=\"http:\/\/www.clevelandcliffs.com\">www.clevelandcliffs.com<\/a> <\/span><\/p>\n<p style=\"margin-bottom:.0001pt\">&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cleveland-Cliffs Inc. and AK Steel Holding Corp. announce that they have entered into a definitive merger agreement in which Cliffs, North America\u2019s largest producer of iron ore pellets, will join with AK Steel, a leading producer of innovative flat-rolled carbon, stainless, and electrical steel products.<\/p>\n","protected":false},"author":63103,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[446,442,440,441,1],"tags":[],"class_list":["post-9993","post","type-post","status-publish","format-standard","hentry","category-automobiles-and-ground-transportation","category-mining-and-metals-processing","category-news","category-news-articles","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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