Cleveland-Cliffs to Acquire ArcelorMittal USA for 1.4 Billion
Cleveland-Cliffs announces a 1.4 billion dollar purchase of ArcelorMittal's U.S. business, financed with about 505 million in cash and 873 million in Cliffs stock. The deal adds six steelmaking facilities, eight finishing facilities, two iron ore mining and pelletizing operations, and three coal and coke plants, pending a Q4 2020 close.
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Cleveland-Cliffs to acquire ArcelorMittal assets in deal
ArcelorMittal and Cleveland-Cliffs announce a purchase covering appliances infrastructure machinery and equipment with CEO Laurence Goncalves. ArcelorMittal USA posted over $10 billion in revenue in 2018 and 2019 while Cleveland-Cliffs runs about $2 billion annually. The merger is expected to save roughly $150 million per year. Cleveland-Cliffs had just acquired AK Steel in a $1.1 billion stock deal last year and its shares jumped over 10 percent on Monday.
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GM ordered to repay tax break at Lordstown plant near Youngstown
The Ohio Tax Credit Authority ruled GM must repay about half of a $60 million incentive and invest $12 million in local workforce and education after closing the Lordstown assembly plant. The deal originally required keeping the plant open through 2027, and state officials said the closure violated the agreement. GM says it still operates a large Ohio manufacturing presence, including a new electric battery cell plant at Lordstown that will create roughly 1,100 jobs.
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Wall Street Claws Back Gains As Mergers Lift Markets
Wall Street posted solid gains with the S&P 500 up 1.6 percent and broad strength across most components. Dow rose 410 points and Nasdaq gained 204 as investors priced in merger activity and potential relief talks while weighing election and virus backdrop as markets head into a busy week of jobs data and policy signals.
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