Cleveland-Cliffs, AK Steel merger receives regulatory approvals

Cleveland-Cliffs Inc., Cleveland, has announced that it has received all the necessary regulatory approvals in connection with its proposed merger with AK Steel Holding Corp., West Chester, Ohio. The companies first announced the merger in December 2019.

Under the pending transaction, Cleveland-Cliffs would acquire all of AK Steel’s outstanding shares pursuant to the agreement and plan of the merger entered into by Cleveland-Cliffs and AK Steel, Cleveland-Cliffs reports in a news release on the transaction. Once the merger is complete, AK Steel would survive as a wholly owned subsidiary of Cleveland-Cliffs.

The companies received confirmation of clearance from the Mexican Competition Commission, Cleveland-Cliffs reports in a news release on the transaction. The companies previously received necessary regulatory clearance pursuant to the Competition Act (Canada) and early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

According to a news release from Cleveland-Cliffs, the transaction is scheduled to close March 13 and remains subject to adoption by AK Steel’s stockholders of the merger agreement and approval by Cleveland-Cliffs’ shareholders of the merger agreements.