This potential acquisition is expected to exceed $500 million and is seen as an important step in the company's expansion policies.
These negotiations come after Cleveland-Cliffs' failed attempt to acquire United States Steel. US Steel has a $14.1 billion acquisition agreement with Nippon Steel, a major steelmaker based in Japan. It remains unclear how the negotiations with NLMK will proceed and conclude.
Under the leadership of Cleveland-Cliffs' CEO Lourenco Goncalves, the company took a significant growth step in 2020, acquiring the assets of AK Steel and ArcelorMittal in the United States.
Cleveland-Cliffs' market capitalization has increased by around 19% over the past year and is now valued at around $8 billion. This is a remarkable development compared to NLMK's recently determined market capitalization of $14.7 billion.
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