“With that, we have a clear path toward closing this transaction next month, as planned.”

Cliffs CEO Laurenco Goncalves

REGIONAL— The Federal Trade Commission has given the green light to the acquisition of ArcelorMittal USA by Cleveland-Cliffs Inc. The FTC’s Bureau of Competition alerted the company this week in a notice of early termination of the waiting period for mergers of major players in a single industry. The federal government has oversight over such mergers and acquisitions to head off undue market influence as a result of too little competition.

This clearance represents the most significant milestone toward the completion of this transaction and re-affirms the anticipated closing of the deal in December 2020, according to a statement issued by Cleveland-Cliffs.

“We are pleased that the federal antitrust authorities have cleared our transaction ahead of schedule,” said Lourenco Goncalves, Chairman, President and Chief Executive Officer. “With that, we have a clear path toward closing this transaction next month, as planned. We look forward to realizing the benefits of operating these assets under Cleveland-Cliffs and are excited with the significant optimization potential that will come from the integration with our current footprint.”

As a result of the pending acquisition, Cleveland-Cliffs would become the largest flat-rolled steel producer in North America, said Goncalves. “We pledge to take great care of our expanded workforce and to support manufacturing in our country, through the safe and environmentally friendly production of steel. More than ever, we are ready for a great future for Cleveland-Cliffs and our people.”

The completion of the transaction remains subject to other customary closing approvals and conditions, all of which the company expects to settle before the completion of the transaction.

Cleveland-Cliffs has, until now, been focused almost exclusively on the mining and production of iron ore, operating both the Northshore and United Taconite mines on the Iron Range. ArcelorMittal currently operates the Inland Steel mine in Virginia in addition to operating 24 other mines and steel-making facilities around the country, employing approximately 18,000 workers.