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Cleveland-Cliffs' (CLF) ArcelorMittal USA Buyout Gets FTC Nod
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Cleveland-Cliffs Inc. (CLF - Free Report) received an early termination notice of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 from the Bureau of Competition of the Federal Trade Commission (“FTC”) regarding its proposed acquisition of substantially all of ArcelorMittal USA LLC and its subsidiaries.
This clearance marks the most significant milestone toward the completion of this deal. The company expects the transaction to close in December 2020, which is subject to other customary closing approvals and conditions.
In September, Cleveland-Cliffs signed a definitive agreement with ArcelorMittal to acquire all operations of ArcelorMittal USA LLC along with its subsidiaries for around $1.4 billion.
Post deal closure, Cleveland-Cliffs will become the largest flat-rolled steel producer in North America. It will also become North America’s biggest iron ore pellet producer having annual capacity of 28 million long tons. Further, the synergistic transaction is expected to achieve around $150 million of estimated annual cost savings.
Moreover, Cleveland-Cliffs is purchasing ArcelorMittal USA’s six steelmaking facilities, eight finishing facilities, three coal and coke-making operations along with two iron ore mining and pelletizing operations.
Cleveland-Cliffs’ shares have rallied 38% in the past year compared with the industry’s 19.1% growth.
Zacks Rank & Other Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #2 (Buy).
Pretium Resources has an expected earnings growth rate of 25.5% for 2020. Its shares have returned 15.3% in the past year.
BHP Group has an expected earnings growth rate of 27.9% for fiscal 2021. The company’s shares have gained 10.4% in the past year.
Silvercorp Metals has an expected earnings growth rate of 40% for fiscal 2021. The company’s shares have increased 20.5% in the past year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
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Cleveland-Cliffs' (CLF) ArcelorMittal USA Buyout Gets FTC Nod
Cleveland-Cliffs Inc. (CLF - Free Report) received an early termination notice of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 from the Bureau of Competition of the Federal Trade Commission (“FTC”) regarding its proposed acquisition of substantially all of ArcelorMittal USA LLC and its subsidiaries.
This clearance marks the most significant milestone toward the completion of this deal. The company expects the transaction to close in December 2020, which is subject to other customary closing approvals and conditions.
In September, Cleveland-Cliffs signed a definitive agreement with ArcelorMittal to acquire all operations of ArcelorMittal USA LLC along with its subsidiaries for around $1.4 billion.
Post deal closure, Cleveland-Cliffs will become the largest flat-rolled steel producer in North America. It will also become North America’s biggest iron ore pellet producer having annual capacity of 28 million long tons. Further, the synergistic transaction is expected to achieve around $150 million of estimated annual cost savings.
Moreover, Cleveland-Cliffs is purchasing ArcelorMittal USA’s six steelmaking facilities, eight finishing facilities, three coal and coke-making operations along with two iron ore mining and pelletizing operations.
Cleveland-Cliffs’ shares have rallied 38% in the past year compared with the industry’s 19.1% growth.
Zacks Rank & Other Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the basic materials space are Pretium Resources, Inc. , BHP Group (BHP - Free Report) and Silvercorp Metals Inc. (SVM - Free Report) , all carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Pretium Resources has an expected earnings growth rate of 25.5% for 2020. Its shares have returned 15.3% in the past year.
BHP Group has an expected earnings growth rate of 27.9% for fiscal 2021. The company’s shares have gained 10.4% in the past year.
Silvercorp Metals has an expected earnings growth rate of 40% for fiscal 2021. The company’s shares have increased 20.5% in the past year.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>