What is AK Steel's stock symbol?
What is AK Steel's stock symbol? AK Steel trades on the New York Stock Exchange (NYSE) under the ticker symbol "AKS." What is AK Steel's stock price today?
What is the fixed exchange ratio for AK Steel stock?
The fixed exchange ratio implies a consideration of $3.36 per share of AK Steel common stock and represents a premium of 16% based on the closing share prices of Cliffs and AK Steel common shares, respectively, as of December 2, 2019, and a premium of 27% based on the 30-day volume weighted average price of AK Steel common shares.
What are the terms of the AK Steel-cliffs merger?
Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own.
How much is a share of AKS worth?
One share of AKS stock can currently be purchased for approximately $1.55. How much money does AK Steel make? AK Steel has a market capitalization of $491.21 million and generates $6.36 billion in revenue each year. The basic materials company earns $11.20 million in net income (profit) each year or $0.34 on an earnings per share basis.
How much is AK Steel stock worth?
AKS Price/Volume StatsCurrent price$1.5552-week highPrev. close$1.5552-week lowDay low$1.55VolumeDay high$1.55Avg. volume50-day MA$2.74Dividend yield1 more row
What happened to AKS Steel stock?
AK Steel Holding Corp. was delisted and deregistered from the New York Stock Exchange after Cleveland-Cliffs, Inc. (NYSE:CLF) finalized its $3 billion acquisition of the company March 13. The deal marks the creation of an integrated iron ore and steelmaking conglomerate for Cliffs.
How much was AK Steel sold for?
$1.1 billionHe said Cleveland-Cliffs, which purchased AK Steel for $1.1 billion in 2020, sent out an internal email Friday announcing the name change. Also last year, Cleveland-Cliffs Inc. bought the U.S. assets of ArcelorMittal for $1.4 billion.
Does AK Steel still exist?
AK Steel Holdings Corporation was a steelmaking company headquartered in West Chester Township, Butler County, Ohio....AK Steel Holding.IndustrySteelFounded1899 (as The American Rolling Mill Company - Armco)DefunctMarch 13, 2020FateAcquired by Cleveland-CliffsHeadquartersWest Chester Township, Butler County, Ohio, United States14 more rows
How much did Cleveland-Cliffs buy AK Steel for?
28, 2020, 10:49 a.m. Cleveland-Cliffs Inc. has purchased steelmaker ArcelorMittal's U.S. assets for $1.4 billion.
Is AK Steel shutting down?
According to Cleveland-Cliffs, the AK Steel site in Ashland, Kentucky, will be torn down and will not be used for production in the future. The AK Steel company was bought out by Cleveland Cliffs weeks after the plant closed in 2019. There is no word on when the demolition will happen or what the land will be used for.
Does Cleveland-Cliffs own AK Steel?
About Cleveland-Cliffs Inc. In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market.
Who owns AK Steel?
Cleveland-CliffsAK Steel Holding / Parent organizationCleveland-Cliffs Inc., formerly Cliffs Natural Resources, is a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. It is the largest flat-rolled steel producer in North America. Wikipedia
What is AK Steel called now?
Cleveland-CliffsCleveland-Cliffs is the Largest Flat‑Rolled Steel Company in North America. Following the acquisitions of ArcelorMittal USA and AK Steel, and the completion of our Toledo Direct Reduction plant, Cleveland-Cliffs is a different company. We are a vertically integrated, high-value steel enterprise.
What did Cleveland-Cliffs buy AK Steel for?
Clients Cleveland-Cliffs Inc. Jones Day advised Cleveland-Cliffs Inc. (NYSE: CLF) in its merger with AK Steel Holding Corporation (NYSE: AKS) pursuant to which Cliffs acquired all of the issued and outstanding shares of AK Steel common stock.
Is Cleveland-Cliffs a Buy?
CLF is currently sporting a Zacks Rank of #1 (Strong Buy), as well as a Value grade of A. The stock holds a P/E ratio of 5.76, while its industry has an average P/E of 9.36. Over the last 12 months, CLF's Forward P/E has been as high as 7.32 and as low as 2.98, with a median of 5.59.
Who bought AK Steel in Ashland Ky?
Cleveland-Cliffs acquired AK Steel at the cost of more than $1 billion on December 3. The newly merged company explored the potential to restart Amanda Furnace to produce pig iron pellets and for other uses, but it ultimately decided in June 2021 to demolish the steel-producing components of Ashland Works.
Who bought AK Steel in Ashland Ky?
Cleveland-Cliffs acquired AK Steel at the cost of more than $1 billion on December 3. The newly merged company explored the potential to restart Amanda Furnace to produce pig iron pellets and for other uses, but it ultimately decided in June 2021 to demolish the steel-producing components of Ashland Works.
Who bought Mittal Steel?
CLEVELAND-CLIFFSIn 2020, CLEVELAND-CLIFFS purchased Mittal Steel for $1.4 billion in cash and stock.
Who owns AK Steel?
Cleveland-CliffsAK Steel Holding / Parent organizationCleveland-Cliffs Inc., formerly Cliffs Natural Resources, is a Cleveland, Ohio-based company that specializes in the mining, beneficiation, and pelletizing of iron ore, as well as steelmaking, including stamping and tooling. It is the largest flat-rolled steel producer in North America. Wikipedia
When did Cleveland-Cliffs acquire AK Steel?
In 2020, Cliffs acquired two major steelmakers, AK Steel and ArcelorMittal USA, vertically integrating its legacy iron ore business with quality-focused steel production and emphasis on the automotive end market.
How were AK Steel's earnings last quarter?
AK Steel Holding Co. (NYSE:AKS) released its quarterly earnings data on Thursday, February, 20th. The basic materials company reported ($0.11) earn...
Who are AK Steel's key executives?
AK Steel's management team includes the following people: Mr. Roger K. Newport , CEO & Director (Age 54) Mr. Kirk W. Reich , Pres & COO (Age 5...
Who are some of AK Steel's key competitors?
Some companies that are related to AK Steel include Nucor (NUE) , Steel Dynamics (STLD) , Reliance Steel & Aluminum (RS) , Cleveland-Cliffs (CL...
What other stocks do shareholders of AK Steel own?
Based on aggregate information from My MarketBeat watchlists, some companies that other AK Steel investors own include United States Steel (X) ,...
What is AK Steel's stock symbol?
AK Steel trades on the New York Stock Exchange (NYSE) under the ticker symbol "AKS."
What is AK Steel's stock price today?
One share of AKS stock can currently be purchased for approximately $1.55.
How much money does AK Steel make?
AK Steel (NYSE:AKS) has a market capitalization of $491.21 million and generates $6.36 billion in revenue each year. The basic materials company ea...
How many employees does AK Steel have?
AK Steel employs 9,300 workers across the globe.
What is AK Steel's official website?
The official website for AK Steel is www.aksteel.com .
What are forward-looking statements?
In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “would,” “target” and similar expressions, as well as variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements reflect AKS’s and CLF’s current beliefs and judgments and are not guarantees of future results or outcomes. Forward-looking statements are based on assumptions and estimates that are inherently affected by economic, competitive, regulatory, and operational risks and uncertainties and contingencies that may be beyond AKS’s or CLF’s control. They are also subject to inherent risks and uncertainties that could cause actual results or performance to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include (i) the completion of the proposed transaction on the anticipated terms and timing or at all, including obtaining shareholder and regulatory approvals and anticipated tax treatment, (ii) potential unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses and future prospects, (iii) the ability of CLF to integrate its and AKS’s businesses successfully and to achieve anticipated synergies, (iv) business and management strategies for the management, expansion and growth of the combined company’s operations following the consummation of the proposed transaction, (v) potential litigation relating to the proposed transaction that could be instituted against AKS, CLF or their respective directors, (vi) the risk that disruptions from the proposed transaction will harm AKS’ or CLF’s business, including current plans and operations, (vii) the ability of AKS or CLF to retain and hire key personnel, (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction, (ix) uncertainty as to the long-term value of CLF’s common stock, (x) continued availability of capital and financing and rating agency actions, (xi) legislative, regulatory and economic developments and (xii) unpredictability and severity of catastrophic events, including acts of terrorism or outbreak of war or hostilities, as well as management’s response to any of the aforementioned factors. These risks, as well as other risks associated with the proposed transaction, will be more fully discussed in the joint proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Other factors that may present significant additional obstacles to the realization of forward looking statements or which could have a material adverse effect on AKS’ or CLF’s respective consolidated financial condition, results of operations, credit rating or liquidity are contained in AKS’s and CLF’s respective periodic reports filed with the SEC, including the AKS 10-K and CLF 10-K. Neither AKS nor CLF assumes any obligation to publicly provide revisions or updates to any forward looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by applicable law.
How much of Cliffs stock does AK Steel own?
Under the terms of the merger agreement, AK Steel shareholders will receive 0.40 shares of Cliffs common stock for each outstanding share of AK Steel common stock they own. Upon completion of the transaction, Cliffs shareholders will own approximately 68% and AK Steel shareholders will own approximately 32% of the combined company, respectively, on a fully diluted basis.
Where is Cleveland Cliffs located?
Founded in 1847, Cleveland-Cliffs is the largest and oldest independent iron ore mining company in the United States. The company is a major supplier of iron ore pellets to the North American steel industry from its mines and pellet plants located in Michigan and Minnesota. By 2020, Cleveland-Cliffs expects to be the sole producer of hot briquetted iron (HBI) in the Great Lakes region with the development of its first production plant in Toledo, Ohio. Driven by the core values of safety, social, environmental and capital stewardship, Cleveland-Cliffs’ employees endeavor to provide all stakeholders with operating and financial transparency. For more information, visit http://www.clevelandcliffs.com .
Is Cliffs a vertical steel company?
He continued, “The pro forma Cliffs will be a vertically integrated steel company that is expected to drive improved profitability for existing Cliffs and AK Steel shareholders and is well-positioned to serve both the blast furnace and electric arc furnace segments. In addition, Cliffs’ existing strong balance sheet and self-sufficiency in pellets for the combined company provide flexibility to pursue additional growth opportunities, including the potential future utilization of the blast furnace in Ashland to produce merchant pig iron, an opportunity neither company could pursue on a standalone basis.”
When is the Cleveland Cliffs conference call?
Cleveland-Cliffs and AK Steel will conduct a live conference call and webcast on December 3, 2019 at 8:30 a.m. Eastern Time. The call will be broadcast live and archived on Cliffs' website at www.clevelandcliffs.com and on AK Steel’s website at www.aksteel.com. Presentation slides will also be available on the webcast link and on both companies’ Investor Relations pages on their websites, as well as through the joint transaction website at www.clevelandcliffsaksteel.acquisitionannouncement.com .
Where is AK steel made?
Headquartered in West Chester, Ohio (Greater Cincinnati), the company has approximately 9,500 employees at manufacturing operations in the United States, Canada and Mexico, and facilities in Western Europe. Additional information about AK Steel is available at www.aksteel.com .
Is AK Steel a wholly owned subsidiary of Cliffs?
Newport will retire as CEO and a Director of AK Steel. Three existing members of AK Steel’s Board of Directors will join the Cliffs Board, and two existing Cliffs Board members will step down, bringing the Cliffs Board to 12 members in total. AK Steel will become a direct, wholly-owned subsidiary of Cliffs and will retain its branding and corporate identity. Cliffs will continue to be listed on the NYSE with its headquarters in Cleveland, while maintaining a significant presence at AK Steel’s current offices in West Chester, Ohio along with its Research and Innovation Center in Middletown, Ohio.
