Cleveland-Cliffs and AK-Steel shareholders approve acquisition

Cleveland-Cliffs and AK-Steel shareholders have voted to approve the proposals necessary to complete CLF’s $1.1B all-stock acquisition of AKS.



“We have great admiration for by combining the best-in-class quality of AK Steel’s assets and it’s enviable product mix with Cliffs’ debt profile and proven management team, we are creating a premier North American company, self-sufficient in iron ore pellets and geared toward high value-added steel products.”
Lourenco Gonclaves, Cliff’s President and CEO

Under the terms of the deal, Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the company combined.

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