CLEVELAND (AP) — Cleveland-Cliffs is buying AK Steel in a stock deal valued at about $1.1 billion.
After a brief spike in steel prices, U.S. steel producers have struggled since the Trump administration put steel tariffs into place last year. Domestic demand has slumped along with the energy sector as drillers pull back on purchases of steel pipe.
The companies said Tuesday that they are creating a vertically integrated business. Cliffs, North America’s largest producer of iron ore pellets, would get access to AK Steel’s flat-rolled carbon, stainless and electrical steel products operations.
AK Steel Holding Corp. stockholders will receive 0.40 shares of Cliffs stock for each AK Steel share they own. Cliffs shareholders will own approximately 68% of the combined company and AK Steel shareholders will own about 32%.
- West Virginia Governor declares Christmas Eve state holiday for public employees
- Shipping deadlines for Christmas shopping approaching soon
- Kentucky State Police: Golden Alert Cancelled – Man Found Safe
- Rare West Virginia deer harvest sparks major controversy online
- LIVE COVERAGE: Judiciary Committee begins deliberations on articles of impeachment
- Tax cuts and tax increases will be debated in West Virginia Legislative Session
- Ohio no longer considering opioid settlement protection fund
- Brother chases, captures man who allegedly broke in and sexually assaulted his sleeping sister
- Mountain Health Network new naming rights sponsor for Huntington arena
- West Virginia State Fire Marshals charge two men for July arson in Putnam County