Cleveland Cliffs

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Cleveland-Cliffs mining company plans to purchase the U.S. branch of ArcelorMittal, the parent company of Cleveland’s largest steel plant, for about $1.4 billion, the companies announced Monday. If approved by regulators, the Cleveland-based company will acquire five steelmaking plants in addition to the one in Cleveland, along with eight finishing plants and two iron ore mines.

Mining company Cleveland-Cliffs will buy West Chester, Ohio-based steelmaker AK Steel in a deal valued at $1.1 billion, the companies announced Tuesday in a news release. The merger will combine Cliffs’ iron ore operations with AK Steel’s manufacturing business, which largely supplies the automotive industry. Cliffs CEO Lourenco Goncalves will lead the company, according to the release, and AK Steel CEO Roger Newport plans to retire.

Construction will soon begin on a new iron plant in Toledo. The Port Authority there says it’s a big step in the right direction for Great Lakes…