Cleary Gottlieb represented a subsidiary of ArcelorMittal as selling shareholder in the offering, while Davis Polk advised BofA Securities, as sole underwriter. Jones Day advised Cleveland-Cliffs Inc.
ArcelorMittal acted as selling shareholder of 40 million common shares of Cleveland-Cliffs, Inc. (Cliffs) in an underwritten public offering for gross proceeds of $651.6 million. Cliffs sold an addition 20 million shares for its own account, yielding total gross proceeds of $967.2 million. The transaction priced on February 8, 2021 and closed on February 11, 2021.
Cliffs is the largest flat-rolled steel producer in North America. Founded in 1847 as a mine operator, it is also the largest supplier of iron ore pellets in North America. ArcelorMittal acquired its ownership interest in Cliffs when it sold ArcelorMittal USA to Cliffs on December 9, 2020 for a combination of cash and stock.
The Cleary team advising ArcelorMittal included partners David Lopez (Picture), Paul Shim, and Michael Dayan and associate Stav Harel.
The Davis Polk corporate team advising BofA Securities included partner Shane Tintle and associates Yoojin Nairn-Kim and Moses Farzan Nekou. Partner Michael Farber and associate Ben Levenback provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice.
The Jones Day team was led by Michael Solecki and Andrew Thomas.
Involved fees earner: Michael Dayan – Cleary Gottlieb Steen & Hamilton; Stav Harel – Cleary Gottlieb Steen & Hamilton; David Lopez – Cleary Gottlieb Steen & Hamilton; Paul Shim – Cleary Gottlieb Steen & Hamilton; Loyti Cheng – Davis Polk & Wardwell; Michael Comstock – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Moses Farzan Nekou – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Yoojin Nairn-Kim – Davis Polk & Wardwell; Shane Tintle – Davis Polk & Wardwell; Michael Solecki – Jones Day; Andrew Thomas – Jones Day;