Cleveland-Cliffs Inc. (NYSE:CLF) entered into a definitive agreement to acquire Ferrous Processing and Trading Company from Soave Enterprises, LLC for an enterprise value of approximately $780 million on October 8, 2021. Cleveland-Cliffs will pay the consideration in cash, on a cash-free, debt-free basis, subject to customary adjustment. In the trailing twelve months ended August 31, 2021, FPT generated EBITDA of approximately $100 million. The transaction is subject to the receipt of regulatory approval and the satisfaction of other customary closing conditions. The acquisition has been approved by the Board of Directors of Cleveland-Cliffs and is expected to close in the fourth quarter of 2021. James Dougherty, Tricia Eschbach-Hall and Benjamin Stulberg of Jones Day advised Cleveland-Cliffs Inc. in the transaction.

Cleveland-Cliffs Inc. (NYSE:CLF) completed the acquisition of Ferrous Processing and Trading Company from Soave Enterprises, LLC on November 18, 2021. FPT is now a wholly owned subsidiary of Cleveland-Cliffs Inc. The final necessary regulatory clearances in connection with the transaction were obtained on November 17.