Integration as a long-term competitive advantage
Cliffs has completed multiple acquisitions over the past several years to add new feedstock and steel products to the company’s product portfolio. In 2020, Cliffs spend nearly $2.0 billion to acquire AK Steel Holdings Corp. and ArcelorMittal USA LLC, two major US steelmakers which are expected building upon the company's existing high-end steelmaking and raw material capabilities. In 2021, Cliffs also purchased Ferrous Processing & Trading Co. for $775.0 million, a leading provider of prime scrap used in steelmaking operations. The company's current focus is now on successfully integrating several dozen steelmaking, cokemaking, manufacturing, mining and pelletizing facilities acquired from the separate companies.
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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