Cleveland-Cliffs Inc. recently completed the acquisition of AK Steel Holding Corporation.
The $3 billion moves on Friday means integrating North America’s largest producer of iron ore pellets downstream into the production of steel and parts for the automotive industry.
The combined company will be led by Lourenco Goncalves, chairman, president and CEO.
“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. “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 said the company will be catering to a desirable customer base and primarily doing business in the United States, which he called “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,” he said.
Cliffs plans to maintain a “significant presence” at AK Steel’s current headquarters office in West Chester Twp., as well as its Research and Innovation Center in Middletown.
Source: Dayton Daily News