Cleveland-Cliffs to acquire AK Steel in $1.1b deal

US-based Cleveland-Cliffs Inc.Asian Metal CopyrightUS-based Cleveland-Cliffs Inc.Asian Metal Copyright said onTuesday it will acquire all of the issued and outstanding shares of AK Steel Holding Corporation for $1.Asian Metal CopyrightUS-based Cleveland-Cliffs Inc.Asian Metal Copyright1 billion.

Under the terms of the merger agreement, AK Steel's shareholders will receive 0.40 shares of Cleveland-Cliffs common stock for each outstanding share of AK Steel common stock they own.Asian Metal Copyright Cleveland-Cliffs' shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.Asian Metal Copyright Cleveland-Cliffs' shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.

The transaction will combine Cleveland-Cliffs, North America's largest producer of iron ore pellets, with AK Steel, the producer of flat-rolled carbon, stainless and electrical steel products, to create a vertically integrated producer of value-added iron ore and steel products.

.Asian Metal Copyright Cleveland-Cliffs' shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.Asian Metal Copyright