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

by on
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.

Are you prepared for your annual steel contract negotiations? Be sure to check out our five best practices. 

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.

Stay up to date on MetalMiner with weekly updates – without the sales pitch. Sign up today. 

Leave a Comment

Your email address will not be published. Required fields are marked *