Port of South LouisianaSailors SocietyThe Wolfson Centre for Bulk Solids Handling Technology Van AalstViganTOC Events
  • Port of South Louisiana
  • Van Aalst
  • Telestack
  • Vigan
  • Port of Stockton
  • Cimbria

Cleveland-Cliffs and AK Steel merger advances

Cleveland-Cliffs and AK Steel merger advances

(Posted on 31/01/20)

Cleveland-Cliffs Inc., the largest and oldest independent iron ore mining company in the United States, and AK Steel Holding Corporation have announced that, in connection with the previously announced exchange offers by Cliffs and consent solicitations by AK Steel Corporation, a wholly owned subsidiary of AK Steel, the requisite consents have been received to adopt the proposed amendments to the indentures governing the 6.375% Senior Notes due 2025 and 7.00% Senior Notes due 2027 issued by AK Steel Corporation. As a result, AK Steel Corporation and the trustee under the AK Steel Indentures will promptly execute supplemental indentures to the AK Steel Indentures to effect the Amendments. As previously announced, Cliffs and AK Steel have entered into an Agreement and Plan of Merger providing for, among other things and subject to the satisfaction or waiver of certain conditions, the merger of a subsidiary of Cliffs with and into AK Steel, with AK Steel surviving as a wholly owned subsidiary of Cliffs .

AK Steel is a leading producer of flat-rolled carbon, stainless and electrical steel products, primarily for the automotive, infrastructure and manufacturing, including electrical power, and distributors and converters markets.

The Amendments will not become operative unless and until the following conditions are satisfied or otherwise waived, if applicable, by Cliffs or AK Steel Corporation: (i) Cliffs delivers to The Depository Trust Company for the Eligible Holders (as defined below) of applicable AK Steel Notes the aggregate amount to be paid to such Eligible Holders as consent payments, upon the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement, dated January 14, 2020 (as amended to date, the “Offering Memorandum and Consent Solicitation Statement”) in respect of the consents validly delivered and not revoked thereunder, and Cliffs or AK Steel Corporation notifies the AK Steel Trustee in writing that such delivery has been made, which condition cannot be waived by Cliffs or AK Steel Corporation, (ii) the AK Steel Notes that are validly tendered (and not validly withdrawn) in the Exchange Offers have been accepted for exchange by Cliffs in accordance with the terms of the Offering Memorandum and Consent Solicitation Statement and (iii) the other conditions to the Consent Solicitations, including the consummation of the Merger, have been satisfied.

The consent results are based on early tenders in the Exchange Offers, which tenders are deemed also to constitute the delivery of consents in the Consent Solicitations made by AK Steel Corporation to adopt the Amendments and deliveries of consents in the Consent Solicitations.

Latest News

Glencore and Managem announce cobalt partnership

(Posted on 28/01/22)

Glencore and Managem are pleased to announce that they have entered into a partnership to produce Cobalt... Read more


Trafigura transaction for new cobalt hydroxide and copper cathode supplies

(Posted on 20/01/22)

Shalina Resources (“Shalina”) and Chemaf SA (“Chemaf”), a leading vertically... Read more


BHP completes divestment of Cerrejón interest

(Posted on 15/01/22)

BHP has completed the sale to Glencore of its 33.3 per cent interest in Cerrejón, a non-operated... Read more


Glencore closes sale of Ernest Henry Mine

(Posted on 08/01/22)

Glencore and Evolution Mining Limited (Evolution) have closed the sale and purchase of Glencore&rsquo... Read more


Rio Tinto call on WA manufacturers to build iron ore rail cars

(Posted on 20/12/21)

Rio Tinto has called for Expressions of Interest (EOI) from Western Australian manufacturers to build... Read more


Rusal opens low-carbon aluminium smelter in Taishet

(Posted on 20/12/21)

Rusal a leading global aluminium producer, opens the first phase of the world’s most advanced... Read more


New green hydrogen project for Port Pirie

(Posted on 13/12/21)

Trafigura Group Pte. Ltd., one of the world’s largest physical commodity trading companies, Nyrstar... Read more


En+ first Russian company with UN recognised Energy Compact

(Posted on 07/12/21)

En+ Group, the world’s largest producer of low carbon aluminium, has received confirmation from... Read more


Copper Mark for BHP’s Olympic Dam, Spence and Escondida

(Posted on 30/11/21)

BHP’s Chilean operations Escondida and Spence, and Olympic Dam in Australia, have been awarded... Read more


Evolution to acquire Ernest Henry Mining from Glencore

(Posted on 25/11/21)

Glencore and Evolution Mining Limited (Evolution) have entered into a binding agreement for the sale... Read more


TelestackCimbriaTBA GroupCleveland Cascades LtdBühler GmbHMultimodal 2022
  • Sailors Society
  • Cleveland Cascades Ltd
  • TOC Events

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping