US-based mining company Cleveland-Cliffs Inc. is in talks with Russian steelmaker NLMK to buy out their assets in the US, according to media reports.
NLMK USA has a sizable presence on the US market with a rolling mill in Farrell, a coating plant in Sharon, both in Pennsylvania, and an electric arc furnace mill in Portage, Indiana, which is said to have a liquid steel production capacity of 770,000 mt per year.
Also, sources close to the matter pointed out that the Russian steelmaker’s assets could be valued at over $500 million if sold.
