Jones Day advised Cleveland-Cliffs Inc. in connection with the acquisition and financing of substantially all of the operations of ArcelorMittal USA for approximately $1.4 billion. ArcelorMittal USA was acquired by Cleveland-Cliffs on a cash-free and debt-free basis, with a combination of 78.2 million shares of Cleveland-Cliffs common stock, non-voting preferred stock with an approximate aggregate value of $373 million, and $505 million in cash. Cleveland-Cliffs is now one of the largest flat-rolled steel producers in North America, with combined total steel production of approximately 20 million short tons in 2019. The company is also one of the largest iron ore pellet producers in North America, with 28 million long tons of annual capacity.
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