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Steel Giant ArcelorMittal to Sell U.S. Business to Cleveland-Cliffs

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The world’s largest steelmaker is shedding its mines and steelmaking facilities in the U.S. as the global economy suffers from the spread of Covid-19

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.

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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

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