09 December 2020 14:15 CET
Under the terms of the sale, ArcelorMittal has received $505 million cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash. As agreed, Cleveland-Cliffs has assumed the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities (‘OPEB’).
Commenting, Mr. Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said:
 Cleveland-Cliffs Inc.’s share price closed on 25/9/20 (the last day of trading prior to the transaction announcement) at $5.88; its closing price yesterday (8/12/20) was $13.04.
 For the balance sheet carrying values please refer to the financial statements included in ArcelorMittal’s 2019 annual report on Form 20-F.