ArcelorMittal in Cleveland-Cliffs’ $967.2 Million Equity Offering
February 11, 2021
Cleary Gottlieb represented a subsidiary of ArcelorMittal as selling shareholder of 40 million common shares of Cleveland-Cliffs Inc. (Cliffs) in an underwritten public offering for gross proceeds of $651.6 million.
Cliffs sold an additional 20 million shares for its own account, yielding total gross proceeds of $967.2 million. The transaction priced on February 8, 2021, and closed on February 11, 2021.
Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, it is also the largest supplier of iron ore pellets in North America. ArcelorMittal acquired its ownership interest in Cliffs when it sold ArcelorMittal USA to Cliffs on December 9, 2020 for a combination of cash and stock. Cleary represented ArcelorMittal in the sale.