About: http://data.cimple.eu/news-article/a59f94983876920ad74cc56fea4cceca8f8e4166870aa2c93105f557

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rdf:type	schema:NewsArticle
schema:articleBody	Shares in steel giant ArcelorMittal soared more than seven percent on the Paris stock exchange on Monday after the firm said it would merge its US operations with producer Cleveland-Cliffs for $1.4 billion. ArcelorMittal, hit by a second-quarter slump in steel demand owing to coronavirus lockdowns, added 7.04 percent to 11.04 euros in early trading although it remains down 29.4 percent on the year as a whole. The firm, headquartered in Luxembourg, said in a statement that Cleveland-Cliffs would acquire 100 percent of ArcelorMittal USA for a combination of one third cash and two thirds stock. The deal will make Cleveland-Cliffs North America's largest flat-rolled steel producer in North America, with combined shipments as at 2019 of some 17 million net tons. The agreement also sees Cleveland-Cliffs assume ArcelorMittal USA's net liabilities of approximately $0.5 billion and pensions and other employment benefit liabilities which Cleveland-Cliffs values at $1.5 billion, the firm said in a statement. It added the accord would bring estimated annual cost synergies of $150 million. "This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will be a stronger, better integrated, US business," said chairman and CEO Lakshmi Mittal. kd/tq/nth/cdw/jxb
schema:headline	ArcelorMittal shares soar on US deal
schema:mentions	Dissociation constant Lakshmi Mittal Luxembourg North America North American Free Trade Agreement Steel Chief executive officer United States Cleveland-Cliffs Inc. ArcelorMittal Euronext Paris Mark Roebuck CDW
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-09-28 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	positive sentiment
http://data.cimple...readability_score	76 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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