Cleveland Cliffs to Acquire ArcelorMittal USA

Said Goncalves: “Steelmaking is a business where production volume, operational diversification, dilution of fixed costs, and technical expertise matter above all else, and this transaction achieves all of these. ArcelorMittal is a world class organization that we have long admired as our customer and our partner, and we know for a fact that they have taken good care of their U.S. assets.”

“We look forward to welcoming the ArcelorMittal USA team into our organization. We are creating an exceptional company, based on great people and supported by our existing strong relationship with the United Steelworkers, the United Auto Workers and the Machinists unions. The acquisition of ArcelorMittal USA amplifies our position in the discerning automotive steel marketplace, and further improves our position in important U.S. markets such as construction, appliances, infrastructure, machinery and equipment. It also adds to our strong legacy raw material profile and growing finishing capabilities. The transaction will enable us to become a more efficient fully-integrated steel system, with the ability to realize all of our operational and financial goals.”

Assets Acquired

Steelmaking:

• Indiana Harbor
• Burns Harbor
• Cleveland
• Coatesville
• Steelton
• Riverdale

Finishing:

• Columbus
• Conshohocken
• Double G. Coatings JV (ArcelorMittal USA’s 50% interest)
• Gary Plate
• I/N Tek JV with Nippon Steel (ArcelorMittal USA’s 60% interest)
• I/N Kote JV with Nippon Steel (ArcelorMittal USA’s 50% interest)
• Piedmont
• Weirton

Mining and Pelletizing:

• Hibbing JV (ArcelorMittal USA’s 62.3% interest)
• Minorca

Met Coal / Cokemaking:

• Monessen
• Princeton
• Warren