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

US-based Cleveland-Cliffs Inc.Asian Metal Copyright40 shares of Cleveland-Cliffs common stock for each outstanding share of AK Steel common stock they own.Asian Metal Copyright said onTuesday it will acquire all of the issued and outstanding shares of AK Steel Holding Corporation for $1.Asian Metal Copyright40 shares of Cleveland-Cliffs common stock for each outstanding share of AK Steel common stock they own.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 Copyright1 billion.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 said onTuesday it will acquire all of the issued and outstanding shares of AK Steel Holding Corporation for $1.Asian Metal Copyright