Cleveland-Cliffs acquires minority partner's interest in United Taconite
Clients Cleveland-Cliffs Inc
Jones Day advised Cleveland-Cliffs Inc in its acquisition of the remaining 30% interest in United Taconite, LLC from joint venture partner United Mining Co.
Consideration will be a mix of cash, stock and iron ore pellets. The total includes $100 million in cash and 1,529,619 Cleveland-Cliffs common shares. In addition, the transaction includes a provision to supply 1.2 million tons of iron ore pellets over the next five quarters at no cost.