ArcelorMittal: divests ArcelorMittal USA to Cleveland-Cliffs
(CercleFinance.com) - ArcelorMittal announces that it has reached a definitive agreement with Cleveland-Cliffs for the sale of 100% of the capital of ArcelorMittal USA.
Under the terms of the agreement, ArcelorMittal expects to receive a total consideration of 1.4 billion dollars upon the closing of the transaction.
Approximately one third of the consideration is in cash (505 million dollars). The remaining two-thirds of the consideration is in the form of shares.
Cleveland-Cliffs will also take on ArcelorMittal USA's liabilities, including net liabilities of approximately 0.5 billion dollars and pension and other employment benefit liabilities, which Cleveland-Cliffs estimates at 1.5 billion dollars.
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