Steel Mills

Cleveland-Cliffs Continues Process for AK Steel Acquisition
Written by Sandy Williams
January 15, 2020
Cleveland-Cliffs has begun exchanging senior notes issued by AK Steel for notes issued by Cliffs in preparation for the acquisition of the Ohio-based steel company.
“For each $1,000 principal amount of Existing AK Steel Notes validly tendered on Feb. 12, 2020 (the ‘Expiration Date’) and not validly withdrawn, Eligible Holders of Existing AK Steel Notes will be eligible to receive the applicable exchange consideration,” stated the Cliffs announcement.
Cliffs is also seeking consent to adopt changes to the indentures governing the existing notes that will eliminate certain of the covenants, restrictive provisions and events of default.
The acquisition was announced in December with an anticipated closing date in the first half of this year. Cliffs and AK Steel currently expect to extend the expiration date for the notes exchange to coincide with completion of the merger.
The Cliffs/AK Steel combo is expected to provide both companies additional growth opportunities, including the potential restarting of the Ashland blast furnace.

Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills

AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.

U.S. Steel sues Algoma over iron pellet shipments
U.S. Steel is suing Algoma over the Canadian flat-rolled producer's rejection of iron pellet shipments, arguing it has breached its contract.

August US mill shipments slip but still higher than last year
The American Iron and Steel Institute reported a decline in the monthly shipments of US mills from July to August.

TransPod, Algoma, Supreme Steel linkup anchors Canadian steel in high-speed transit build
The three Canadian companies have announced a strategic partnership to support the development of an ultra-high-speed transit line from Edmonton to Calgary.

Metallus, USW agree to tentative four-year labor deal
Metallus and the United Steelworkers (USW) have agreed to a tentative four-year labor contract.