Jones Day, Weil Steer Iron Ore Producer's $1.1B AK Steel Buy

Law360 (December 3, 2019, 2:43 PM EST) -- North America's largest producer of iron ore pellets on Tuesday unveiled an all-stock acquisition of AK Steel that stands to create a vertically integrated steel company, in a $1.1 billion deal steered by Jones Day and Weil Gotshal & Manges LLP.

Through the combination, the Ohio-based Cleveland-Cliffs Inc. will reliably source its raw materials into AK Steel Holding Corp.'s current manufacturing of flat-rolled steel and tubular products for the automotive, infrastructure and electrical generation and distribution sectors, the companies said.

Cliffs Chairman and CEO Lourenco Goncalves lauded the deal in a statement, saying it would "drive improved profitability for existing Cliffs...

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