Cleveland-Cliffs (CLF) Acquires Ferrous Processing and Trading Company for EV of $775M
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Cleveland-Cliffs Enters the Scrap Business and Announces Acquisition
October 11, 2021 6:00 AM EDTCLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (the Company) (NYSE: CLF) announced today that it has entered into a definitive agreement to acquire Ferrous Processing and Trading Company, including certain related entities (FPT), for a total enterprise value of approximately $775 million, on a cash-free, debt-free basis and subject to customary adjustment (the FPT Acquisition). Based in Detroit, FPT is among the largest processors and distributors of prime ferrous scrap in the United States, representing approximately 15% of the domestic merchant prime scrap market. FPT currently processes approximately three million tons of scrap per year, approximately half... More
