Online Desk : Cleveland-Cliffs ,owner of the three Mesabi Iron Range Mines , announces it will acquire AK Steel Holding Corp. in a merger deal in a $1.2 billion stock swap aimed at creating a vertically integrated producer of iron-ore and steel products.
Cleveland-Cliffs ,the North America’s largest producer of iron ore pellets would get access to AK Steel’s flat rolled carbon ,stainless and electrical steel after this take over.
AK Steel stock holders will receive 0.40 shares of Cliffs stock for each AK steel share the own. Cliffs shareholders will own approximately 68% of the combined company and AK Steel shareholders will own about 32%.
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