Cleveland-Cliffs Enters the Scrap Business and Announces Acquisition

CLEVELAND–(BUSINESS WIRE)–Cleveland-Cliffs Inc. (the “Company”) (NYSE: CLF) announced today that it has entered into a definitive agreement to acquire Ferrous Processing and Trading Company, including certain related entities (“FPT”), for a total enterprise value of approximately $775 million, on a cash-free, debt-free basis and subject to customary adjustment (“the FPT Acquisition”). Based in Detroit, FPT is among the largest processors and distributors of prime ferrous scrap in the United S

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