According to reports from the ArcelorMittal website dated December 9, Cleveland-Cliffs has officially acquired ArcelorMittal USA.
It was reported that ArcelorMittal received a payment of $ 505 million and 780 million Cleveland-Cliffs common shares, as well as a portion of non-voting preferred shares in accordance with an agreement signed earlier.
The latter could have been redeemed for 580 million Cleveland-Cliffs common stock or cash of equal value.
Under the acquisition contract, Cleveland-Cliff will also bear all of ArcelorMittal USA’s debt. The debt included net liabilities of about $ 0.5 billion and other liabilities such as pensions and retirement benefits.