The US Department of Justice has cut down on the waiting period of Cleveland Cliffs’ acquisition of ArcelorMittal USA. The antitrust clearance, received ahead of schedule, moves Cliffs one step closer toward plans to complete the purchase of virtually all assets and subsidiaries of the steelmaker by the year-end.
In late October, the iron ore pellet producer announced in its Q3 results that it would close the deal during Q4, citing its optimistic outlook for the quarter. This followed the original announcement of the agreement made by Cliffs and ArcelorMittal on Sep 28.
The transaction is anticipated to be closed in December 2020. Sources close to the matter believe the deal will be closed by December 15, if not sooner. However, sources maintain that official plans have not been announced.
Integration impacts have not been determined, though employees do not expect major changes during the first-year transitional period, according to some market sources.