ArcelorMittal SA has agreed to sell its U.S. business to Cleveland-Cliffs Inc. for around $1.4 billion, a deal that will further diminish its position as the world’s largest steelmaker as it grapples with the fallout from the coronavirus pandemic.
The Luxembourg-based company said Monday that about one-third of the deal value will be paid in cash upfront, with the rest paid in stock. ArcelorMittal said it would use the proceeds to pay down debt and hand $500 million of the proceeds back to investors in share buybacks.
Trump's America
It's ironic that just as the economic consequences of the pandemic are beginning to bite, the American people are contemplating handing power to a bunch of people whose program for the future is modelled on that of the former Soviet Union, and that didn't end well.
But Donald promised ...
Good for ArcelorMittal.
good