Cleveland-Cliffs Inc, the largest U.S. producer of iron ore pellets, said on Monday it had agreed to buy the U.S. assets of world's largest steelmaker ArcelorMittal SA for about $1.4 billion.
FILE PHOTO: Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium, July 7, 2016. REUTERS/Francois Lenoir/File photo
The deal follows a push among steelmakers to consolidate and diversify their business, making it less vulnerable to swings in demand.
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