AK Steel in Butler County announced this morning that it has sold its operation to iron ore mining company Cleveland-Cliffs.
It is an all-stock deal valued at $1.1 billion. The deal is expected to close before June 2020.
The transaction will combine Cliffs, North America’s largest producer of iron ore pellets, with AK Steel, a leading producer of several steel products.
The announcement sent shock waves through the company since the bargaining unit had no discussion with its members regarding the sale.