Under the terms of the sale, ArcelorMittal has received $505 million cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash. As agreed, Cleveland-Cliffs has assumed the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities.
Cleveland-Cliffs is the largest flat-rolled steel provider in North America, producing flat-rolled carbon, stainless, electrical, plate, tinplate and long steel products. It is a provider of stainless steel tubing products, die design and tooling, as well as hot & cold-stamped components. It is currently the leading automotive steel supplier in the United States, with approximately 40% of our steel production directed toward this sector. Its advancements in stainless and electrical steel products enable automotive manufactures to design and build new vehicles that are safer, lighter and more efficient to operate. This includes automotive applications in exposed and unexposed body panels and structures, specialty stainless steel exhaust systems, and specialty steel products for hybrid and electric vehicle drivetrain motors.
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