Cleveland-cliffs completes redemption of all outstanding preferred shares with $1.2 billion in cash, reducing diluted share count by 10%

Cleveland--(business wire)--cleveland-cliffs inc. (nyse: clf) announced today that it has completed the redemption of the entirety of its outstanding series b participating redeemable preferred stock held by an affiliate of arcelormittal s.a. for approximately $1.2 billion, or $21.18 per common share for the equivalent of approximately 58 million common shares. the redemption was completed with existing liquidity. the elimination of the preferred shares from cleveland-cliffs' capital structure
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