Ohio company to acquire ArcelorMittal USA
By the MVI
An Ohio-based company is buying ArcelorMittal’s U.S. operations — which include the Monessen coke-making facility — for about $1.4 billion in cash and stock.
The deal, announced this week, will make Cleveland-Cliffs Inc. the largest flat-rolled steel producer and largest iron ore pellet producer in North America. The purchase includes Indiana Harbor, the largest integrated steelmaking facility in North America.
In March, Cleveland-Cliffs completed the takeover of AK Steel, also based in Ohio, which operates Butler Works north of Pittsburgh. Butler Works makes flat-rolled electrical and stainless steel.
The deal with ArcelorMittal involves 19 facilities in eight states.
Almost 3,800 people work at Indiana Harbor, which opened more than 100 years ago and is spread over more than 3,000 acres in East Chicago, Ind., according to ArcelorMittal’s website. Burns Harbor, its second-largest facility, also employs about 3,800 people. ArcelorMittal’s headquarters are in Luxembourg, with its U.S. corporate offices in downtown Chicago.
The Monessen plant along the Monongahela River employs about 180 people. Due to the COVID-19 pandemic, the plant has been on hot idle since May, and 92 employees were laid off July 5. In its federal notice of layoffs, the company listed the furloughs as temporary, but indicated that they could last for more than six months. The layoffs affected salaried and hourly employees at the Monessen plant.
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