Europe-based integrated steelmaker ArcelorMittal’s U.S. subsidiary has announced its decision to sell some of its shares in the U.S.-based Cleveland-Cliffs.
ArcelorMittal North America Holdings LLC announced an agreement to sell 40 million common shares of the company through a fully underwritten public market offering. The share sale volume accounted for nearly 50% of the Cleveland-Cliffs common shares held by ArcelorMittal. Further to this, the ArcelorMittal subsidiary will continue to hold approximately 38 million common shares in addition to shares of non-voting preferred stock.
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