CLEVELAND & WEST CHESTER, OHIO - Cleveland-Cliffs Inc. and AK Steel Holding Corporation have announced that they have entered into a definitive merger agreement pursuant to which Cliffs will acquire all of the issued and outstanding shares of AK Steel common stock.

Lourenco Goncalves, Chairman of the Board, President and CEO of Cliffs, will lead the expanded organization, the press release said.

The transaction will combine Cliffs with AK Steel, one of the leading producers of electrical steel, among other products.

The combined company expects to be ideally positioned to provide high-value steel solutions to customers primarily across North America.

Source: Press Release