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U.S. Cliff Natural Resources merges with AK Steel Holdings

Attention:     Issuing time:2020-03-16 14:02
Cliff Natural Resources Corporation and AK Steel Holdings announce that their respective shareholders have voted to pass all proposals required to complete the acquisition of AK Steel
According to the terms of the transaction, Cliff Natural Resources will purchase all issued shares of AK Steel, and AK Steel shareholders will exchange 0.4 shares of Cliff shares for each common share they hold.
AK Steel is the fifth largest steel producer in the United States.In 2019, its flat steel shipments were 5.342 million tons, a year-on-year decrease of 6%; sales revenue was US $ 6.36 billion, a year-on-year decrease of 7%, and net profit was US $ 11.2 million, a year-on-year decrease of 94 % ($ 186 million in 2018). In 2019, 66% of AK Steel's products are sold to the automotive industry, 16% to infrastructure and other manufacturing, and 18% to distributors.
Cliff Natural Resources is the largest iron ore producer in North America. In 2019, its iron ore output was 19.915 million long tons and sales were 19.371 million long tons, both of which fell year-on-year. (Note: It has also produced 5.8 million tons with other mines). In 2019, the top three customers of Cliff Natural Resources were ArcelorMittal America, AK Steel, and Algoma, Canada, accounting for 50% and 29% of their sales revenue, respectively. % And 18%, with iron ore sales of 8.8 million long tons, 5.5 million long tons and 3.4 million long tons, respectively.
It is understood that both parties have agreed to merge a subsidiary of Cliff Natural Resources with AK Steel, which will continue to operate as a wholly-owned subsidiary. On a fully diluted basis, Cliff Natural Resources shareholders will own approximately 68% of the combined new company, and AK Steel shareholders will own 32%.
The transaction received all relevant regulatory approvals on February 26, when the company expected the transaction to be completed on March 13, 2020.


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