Cleveland-Cliffs acquires Alpha
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The buying spree by Cleveland-Cliffs continued Wednesday with a nearly $10-billion acquisition of Alpha Natural Resources, broadening the company’s international reach as well as its exposure to a global steel industry clamoring to fuel its mills.
Its biggest acquisition to date, the cash-and stock deal will create a company with the largest reserves of iron ore and metallurgical coal in the U.S. The company, to be named Cliffs Natural Resources, will own nine iron ore facilities and more than 60 coal mines in the Americas and Australia.
Joseph Carrabba, chief executive of Cleveland-based Cleveland-Cliffs, said the deal showed that U.S. steel remained robust in the international marketplace.
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