ArcelorMittal (MT) Announces Share Buyback Authorization

Cleveland-Cliffs (CLF) to Acquire ArcelorMittal USA (MT) for $1.4B

September 28, 2020 6:05 AM EDT

(Updated - September 28, 2020 6:24 AM EDT)

Cleveland-Cliffs Inc. (NYSE: CLF) announced that it has entered into a definitive agreement with ArcelorMittal S.A. (NYSE: MT), pursuant to which Cleveland-Cliffs will acquire substantially all of the operations of ArcelorMittal USA LLC and its subsidiaries for approximately $1.4 billion. Upon closure of the transaction, Cleveland-Cliffs will be the largest flat-rolled steel producer in North America, with combined shipments of approximately 17 million net tons in 2019. The company will also be the largest iron ore pellet producer in North America, with 28 million long... More

ArcelorMittal (MT:NA) (MT) PT Raised to EUR12 at UBS

September 28, 2020 5:04 AM EDT

UBS analyst Myles Allsop raised the price target on ArcelorMittal (MT:NA) (NYSE: MT) to EUR12.00 (from EUR11.00) while maintaining a Buy rating.... More

Bank stocks bounce off record low, helping Europe recover some lost ground

September 28, 2020 3:23 AM EDT

By Sruthi Shankar

(Reuters) - European stocks bounced back sharply on Monday as investors snapped up beaten-down shares in the banking sector that hit a record low last week and data gave signs of pick-up in the Chinese economy.

The pan-European STOXX 600 index jumped 2.2%, recording its biggest percentage gain since mid-June, after last week's 3.6% drop.

The broader banks index surged 5.6% in its first session of gain in eight days.

HSBC Holdings surged 8.9% after Chinese insurance group Ping An , the biggest shareholder in the British bank, boosted its stake to... More

Cleveland-Cliffs to buy U.S. assets of ArcelorMittal

September 28, 2020 1:57 AM EDT

(Reuters) - Cleveland-Cliffs Inc (NYSE: CLF), the largest U.S. producer of iron ore pellets, has agreed to buy the U.S. assets of the world's largest steelmaker ArcelorMittal SA (NYSE: MT) for about $1.4 billion in cash and shares.

The deal, announced by the two companies on Monday, will make Cleveland-Cliffs the largest flat-rolled steel producer in North America and, for ArcelorMittal, give it up to a... More

Exclusive: ArcelorMittal in talks to merge U.S. assets with Cleveland-Cliffs

September 27, 2020 4:54 PM EDT

By Greg Roumeliotis

(Reuters) - ArcelorMittal SA (NYSE: MT), the world's largest steelmaker, is exploring a deal to merge its U.S. operations with Cleveland-Cliffs Inc (NYSE: CLF), the largest U.S. producer of iron ore pellets, people familiar with the matter said on Sunday.

The combination would signal a new push among steelmakers to consolidate and diversify their business, making it less vulnerable to swings in demand. It would... More