Ohio-based Cleveland-Cliffs has agreed to buy ArcelorMittal USA’s 19 steel mills and iron mines, including the plants in Coatesville and Conshohocken, for $1.4 billion, writes Joseph DiStefano for The Philadelphia Inquirer.
This purchase, together with several other acquisitions, will transform Cleveland-Cliffs into the largest flat-rolled steelmaker in North America, with 25,000 employees and $17 billion in yearly sales.
The Coatesville plant currently employs 638 workers, while the Conshohocken plant has 126.
“Our success will not come from lower prices,” said Cleveland-Cliffs CEO Lourenco Goncalves. “It will come from quality, the ability to deliver on time,” and the use of “green” technologies.
The historic plant in Coatesville produces steel from scrap using an electric arc furnace. The plant can make up to 900,000 tons annually.
Along with the old Alan Wood Steel plant in Conshohocken, the local plants make some of the best steel plates in the industry that are used to build high-rise buildings and ships.
“This takes us where we need to be in this competitive and increasingly quality-focused marketplace,” said Goncalves.
Read more about the acquisition in The Philadelphia Inquirer here.
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