Cleveland Cliffs to acquire AK Steel in all-share deal worth US$1.1B

U.S. iron ore producer Cleveland Cliffs is acquiring AK Steel in an all-share transaction valued at US$1.1 billion. Cliffs, North America’s largest producer of iron ore pellets, is offering shareholders of mid-tier steelmaker AK Steel 0.40 shares of Cliffs’ common stock for each common share they own of AK Steel. Once the transaction is complete, Cliffs shareholders would own 68% of the combined company and AK Steel shareholders 32%. Continue reading at The Northern Miner.