Steel News

It’s Official: AK Steel Is Now a Part of Cleveland-Cliffs

3/13/2020 - Cleveland-Cliffs Inc. on Friday completed its acquisition of AK Steel Corp., marking the beginning of a new era for two storied American businesses. 

“From now on, we are a single, united and very strong team,” chairman and chief executive Lourenco Goncalves said in a statement.  

The merger brings together Cliffs’ iron ore mining, pelletizing and soon-to-open hot briquetted iron plant and AK Steel’s blast furnaces, electric arc furnaces and finishing facilities. And that, Goncalves said, gives the company an edge.   

“The new Cliffs will begin from a unique position of strength in our industry, with a dynamic combination of assets,” Goncalves said.  “We will be catering to a desirable customer base and primarily doing business in the United States, the most resilient manufacturing economy in the world.”