Cleveland-Cliffs Inc. has completed the acquisition of AK Steel Holding Corp., integrating North America’s largest producer of iron ore pellets downstream into the production of value-added steel and specialty manufactured parts for the automotive industry.
The combined company will be led by Chairman, President and Chief Executive Officer Lourenco Goncalves.
“This is a new era for Cleveland-Cliffs as a producer of differentiated, high-quality iron ore, metallics and steel in North America," Goncalves said in a statement. "The new Cliffs will begin from a unique position of strength in our industry, with a dynamic combination of assets including two efficient integrated blast furnace steel mills, two electric arc furnace plants, a new state-of-the-art HBI plant and several other highly technologically developed facilities."
Goncalves added: "We will be catering to a desirable customer base and primarily doing business in the United States, the most resilient manufacturing economy in the world. I am honored to be leading a company that is built on such a rich history, and now combines mining, pelletizing, direct-reduction, EAF steelmaking, BF/BOF steelmaking, highly technologically developed finishing mills and automated manufacturing of auto parts. I am also very pleased to welcome the AK Steel employees and the unions representing the workforce throughout the country to the Cleveland-Cliffs family. From now on, we are a single, united and very strong team.”