Cleveland-Cliffs acquires Ferrous Processing and Trading Company for $775 million
Clients Cleveland-Cliffs Inc.
Jones Day is advising Cleveland-Cliffs Inc. in the $775 million acquisition of Ferrous Processing and Trading Company (FPT), including certain related entities. Based in Detroit, FPT is among the largest processors and distributors of prime ferrous scrap in the United States, representing approximately 15% of the domestic merchant prime scrap market. FPT operates 22 scrap processing facilities, with approximately 90% of revenues originating from its Midwest locations, primarily in Michigan and Ohio.