This Morning in Metals: ArcelorMittal completes sale of ArcelorMittal USA to Cleveland-Cliffs

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mergers and acquisitions

Michail Petrov/Adobe Stock

This morning in metals news: ArcelorMittal officially completed the sale of ArcelorMittal USA to Cleveland-Cliffs; the Energy Information Administration (EIA) projects energy-related carbon dioxide emissions to fall this year; and the copper price continues its long-term rise.

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ArcelorMittal’s sale of U.S. operations goes through

ArcelorMittal officially completed the sale of ArcelorMittal USA to Cleveland-Cliffs, the steelmaker announced today.

Under the terms of the sale, ArcelorMittal receives $505 million in cash and 78 million shares of Cleveland-Cliffs common stock. In addition, it receives non-voting preferred stock redeemable for approximately 58 million shares of Cleveland-Cliffs common stock (or an equivalent amount in cash).

Energy-related carbon dioxide emissions to drop in 2020

The EIA forecast energy-related carbon dioxide emissions in the U.S. will decline by 11% this year compared with 2019.

“EIA expects CO2 emissions in 2020 to fall by 19% for coal, by 13% for petroleum, and by 2% for natural gas,” the EIA reported. “Many of this year’s changes in energy-related CO2 emissions are attributable to the economic and behavioral effects the COVID-19 pandemic has had on energy consumption.”

Copper continues to rise

While the copper price has pulled back a bit to start this week, it remains strong over the longer term.

The LME three-month copper price is up 8.55% over the previous month. The price closed Tuesday at $7,647 per metric ton.

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