Cleveland-Cliffs Completes Acquisition of Ferrous Processing and Trading Company
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Cleveland-Cliffs Inc. (NYSE: CLF) announced today that it has successfully completed the acquisition of Ferrous Processing and Trading Company (FPT), including certain related entities. The final necessary regulatory clearances in connection with the transaction were obtained on November 17. FPT is now a wholly owned subsidiary of Cleveland-Cliffs Inc.
FPT, which was recently awarded Fastmarkets’ 2021 Scrap Company of the Year, is a leading prime ferrous scrap processor in the United States. FPT currently processes approximately three million tons of scrap per year, approximately half of which is prime grade. Cliffs expects to grow its prime scrap presence through its existing relationships with industrial steel consumers.
“The way the scrap business historically worked has now changed for good. With our closing of the FPT acquisition today, we are now immediately focused on amplifying the value of what we believe is the next precious metal. To drive this, we have already begun the dialogue with our steel customers with a focus on increasing our scrap offtake from them under a real closed-loop proposition. We are starting from a position of strength with the existing business that FPT has in place, and are excited to expand upon this core using the FPT scalable footprint,” said Lourenco Goncalves, chairman, president, and CEO.
About Cleveland-Cliffs
Cleveland-Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, Cliffs also is the largest manufacturer of iron ore pellets in North America. The company is vertically integrated from mined raw materials and direct reduced iron to primary steelmaking and downstream finishing, stamping, tooling, and tubing. The company serves a diverse range of markets due to its comprehensive offering of flat-rolled steel products and is the largest supplier of steel to the automotive industry in North America. Headquartered in Cleveland, Ohio, Cleveland-Cliffs employs approximately 25,000 people across its mining, steel and downstream manufacturing operations in the United States and Canada.
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