US-based mining and natural resources company Cleveland-Cliffs Inc. has announced that it has completed the acquisition of Ohio-based steelmaker AK Steel Holding Corporation.
Cliffs stated in a press release that AK Steel has become its wholly-owned subsidiary and will retain its branding and corporate identity after the acquisition. Besides, Cliffs will maintain a presence at AK Steel’s headquarters office in West Chester, Ohio, and at its Research and Innovation Center in Middletown, Ohio.
Cliffs’ chairman, president and chief executive officer Lourenco Goncalves will lead the newly merged companies. The new company will employ almost 12,000 people via mining and steel manufacturing operations in the United States, Canada and Mexico, and distribution facilities in western Europe. The company did not disclose the value of the acquisition, but it was expected to be worth about $3 billion.