By Colin Kellaher
Shares of Cleveland-Cliffs Inc. rose nearly 9% on Monday after the iron-ore mining company agreed to buy the U.S. business of steel giant ArcelorMittal S.A. for about $1.4 billion.
The Cleveland company said the deal will make it North America's largest producer of flat-rolled steel and iron-ore pellets.
Cleveland-Cliffs also will assume liabilities valued at about $2 billion.
Cleveland-Cliffs shares were recently up 8.7% to $6.39. ArcelorMittal American depositary receipts were up 7.8% to $13.03.
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