News Formal

Cleveland-Cliffs to buy ArcelorMittal’s US business

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 35 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 63%

Italia Notizia Notizia

ArcelorMittal plans to use $500m of the cash proceeds to repurchase shares, starting immediately

San Francisco, US — Cleveland-Cliffs will buy the US operations of ArcelorMittal for $1.4bn in cash and shares to become the biggest flat-rolled steel producer in North America.

The transaction will save about $150m in annual costs for the combined operations, improve Cleveland-Cliffs’ liquidity and is expected to boost its sales to the key automotive market. US steel prices have risen in recent months, driven by tight supply after plant usage dropped in response to weaker demand due to coronavirus lockdowns.

, the company said in a separate statement. In July the company was considering “structural changes” to the business as it adjusts to the effect of the coronavirus pandemic on global steel demand. The company suspended dividend payments earlier in 2020 and had previously set a target of about $2bn in asset sales to help reduce debt.

 

Grazie per il tuo commento. Il tuo commento verrà pubblicato dopo essere stato esaminato.
Abbiamo riassunto questa notizia in modo che tu possa leggerla velocemente. Se sei interessato alla notizia puoi leggere il testo completo qui. Leggi di più:

 /  🏆 12. in İT

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Mango assures customers that it’s business as usualSouth African airline Mango said its currently in discussion with SAA technical in a bid to keep its planes operating.
Fonte: ewnupdates - 🏆 30. / 53 Leggi di più »