Cleveland-cliffs enters the scrap business and announces acquisition

Cleveland--(business wire)--cleveland-cliffs inc. (the “company”) (nyse: clf) announced today that it has entered into a definitive agreement to acquire ferrous processing and trading company, including certain related entities (“fpt”), for a total enterprise value of approximately $775 million, on a cash-free, debt-free basis and subject to customary adjustment (“the fpt acquisition”). based in detroit, fpt is among the largest processors and distributors of prime ferrous scrap in the united s
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