TelestackCimbriaThe Wolfson Centre for Bulk Solids Handling Technology Sailors SocietyViganCleveland Cascades Ltd
  • Port of South Louisiana
  • TOC Events
  • Cleveland Cascades Ltd
  • Vigan
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Telestack

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

NZAS reaches extension deal with Meridian

(Posted on 14/01/21)

Rio Tinto has reached an agreement on a new electricity agreement with Meridian Energy that allows New... Read more


AISI updates six cold-formed steel design standards

(Posted on 10/01/21)

The American Iron and Steel Institute (AISI) has updated six cold-formed steel design standards.AISI... Read more


NGFA announces Seyfert as new President and CEO

(Posted on 05/01/21)

The National Grain and Feed Association (NGFA) in the USA has announced that Michael J. Seyfert will... Read more


Joint statement from PKKP and Rio Tinto

(Posted on 28/12/20)

Rio Tinto and the Puutu Kunti Kurrama and Pinikura people (PKKP) confirm they have taken initial steps... Read more


2021 Coal demand rebound set to be short-lived

(Posted on 22/12/20)

A global economic recovery in 2021 is expected to drive a short-lived rebound in coal demand following... Read more


NGFA commends Congress for waterways provisions

(Posted on 22/12/20)

The National Grain and Feed Association (NGFA) in the USA has commended Congress for including key inland... Read more


Rio Tinto appoints Stausholm as CEO

(Posted on 17/12/20)

Rio Tinto has appointed Jakob Stausholm as chief executive, effective 1 January 2021. Since joining... Read more


Rusal a preferred supplier to Hyundai Sungwoo

(Posted on 17/12/20)

RUSAL, a leading global aluminium producer, is pleased to announce that Hyundai Sungwoo Holdings Co,... Read more


Rio Tinto declares maiden Ore Reserve at Jadar

(Posted on 10/12/20)

Rio Tinto has disclosed to the Australian Securities Exchange (ASX) a maiden Ore Reserve and updated... Read more


Shell wins BHP iron ore vessels LNG supply agreement

(Posted on 06/12/20)

BHP has awarded its first LNG supply agreement for five LNG-fuelled Newcastlemax bulk carriers, which... Read more


Port of Vancouver USABühler GmbHTBA GroupPort of StocktonPort of South LouisianaTOC Events
  • TBA Group
  • Cimbria

Subscribe to our newsletter

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