Cleveland-Cliffs (CLF) Announces Proposed Offering of Common Shares, including 40M Common Shares by ArcelorMittal (MT)

Go back to Cleveland-Cliffs (CLF) Announces Proposed Offering of Common Shares, including 40M Common Shares by ArcelorMittal (MT)

Cleveland-Cliffs Announces Proposed Offering of Common Shares, including 40,000,000 Common Shares by ArcelorMittal

February 8, 2021 4:40 PM EST

CLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today announced that it has commenced an underwritten public offering (the Offering) of 60,000,000 common shares, par value $0.125 per share (the Common Shares), which consists of 40,000,000 currently outstanding Common Shares offered by ArcelorMittal North America Holdings LLC, an indirect, wholly-owned subsidiary of ArcelorMittal S.A. (the Selling Shareholder) and 20,000,000 Common Shares offered by the Company. The Company also intends to grant the underwriters a 30-day option to purchase an additional 9,000,000 Common Shares.

The Company will not receive any proceeds from the sale of the Selling Shareholders currently... More