Bühler GmbHPort of StocktonCimbriaTOC EventsTelestackTBA Group
  • Cimbria
  • Cleveland Cascades Ltd
  • Bühler GmbH
  • Sailors Society
  • Port of Stockton
  • Coaltrans Global 2021

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cannot be waived by Cliffs or AK Steel Corporation, (ii) the AK Steel Notes that are validly tendered (and not validly withdrawn) in the Exchange Offers have been accepted for exchange by Cliffs in accordance with the terms of the Offering Memorandum and Consent Solicitation Statement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

$8.4bn tax contribution by Rio Tinto

(Posted on 11/04/21)

Rio Tinto has released its 2020 Taxes paid. The company’s economic contribution report, which... Read more


En+ director joins Aluminium Stewardship Initiative board

(Posted on 06/04/21)

En+ Group, the world’s leading producer of low-carbon aluminium and independent hydropower, has... Read more


Project to monitor global fertilizer usage

(Posted on 01/04/21)

The International Fertilizer Association (IFA) and agri benchmark Cash Crop have announced the start... Read more


Rusal invests over $1bn on environment in a decade

(Posted on 01/04/21)

Rusal, a leading global aluminium producer, invested over USD1bn in environmental projects between 2011... Read more


World crude steel production rises

(Posted on 28/03/21)

World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel... Read more


Rio Tinto selects solar technology for Boron mine

(Posted on 28/03/21)

International mining and metals company Rio Tinto and renewable energy technology company Heliogen has... Read more


NGFA outlines priorities for transportation bill

(Posted on 22/03/21)

The USA’s National Grain and Feed Association (NGFA) has urged lawmakers to prioritise improvements... Read more


British Steel to invest £100m this year

(Posted on 17/03/21)

British Steel has announced that it is investing £100m this year to support the next stage of... Read more


Rusal announces 2020 results

(Posted on 17/03/21)

Rusal, a leading global aluminium producer, has announced its results for the year ended 31 December... Read more


Power supply launch prepares smelter for commissioning

(Posted on 11/03/21)

En+ Group, the world’s largest producer of low carbon aluminium and independent hydropower, has... Read more


ViganCoaltrans Global 2021The Wolfson Centre for Bulk Solids Handling Technology Cleveland Cascades LtdPort of Vancouver USAPort of South Louisiana
  • The Wolfson Centre for Bulk Solids Handling Technology
  • TBA Group
  • Port of Vancouver USA

Subscribe to our newsletter

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