CLEVELAND, OH-- Cleveland Cliffs, Inc. is acquiring AK Steel in a stock deal valued at about $1.1 billion.
Under the agreement Cliffs will acquire all issued and outstanding shares of AK Steel common stock.
President and CEO of Cliffs, Lourenco Goncalves, will lead the expanded organization.
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.